Medtronic PLC (NYSE:MDT) Shares Bought by Graypoint LLC

Graypoint LLC lifted its stake in shares of Medtronic PLC (NYSE:MDT) by 15.8% during the first quarter, Holdings Channel reports. The firm owned 8,033 shares of the medical technology company’s stock after buying an additional 1,099 shares during the period. Graypoint LLC’s holdings in Medtronic were worth $722,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MDT. Burkett Financial Services LLC raised its stake in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after purchasing an additional 185 shares during the period. Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic in the fourth quarter valued at about $27,000. Columbia River Financial Group LLC bought a new position in Medtronic during the first quarter worth about $28,000. Optiver Holding B.V. bought a new position in shares of Medtronic in the fourth quarter valued at approximately $31,000. Finally, Hughes Financial Services LLC acquired a new stake in shares of Medtronic in the first quarter valued at approximately $32,000. 82.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on MDT shares. Leerink Partnrs raised shares of Medtronic to a “strong-buy” rating in a research note on Monday, June 16th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, June 6th. Citigroup raised their target price on shares of Medtronic from $98.00 to $99.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Robert W. Baird lowered their target price on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Finally, Truist Financial decreased their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Eleven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $98.19.

Medtronic Trading Down 0.2%

Shares of NYSE:MDT opened at $89.61 on Friday. The business’s 50 day simple moving average is $86.29 and its 200 day simple moving average is $87.06. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. Medtronic PLC has a 1 year low of $78.32 and a 1 year high of $96.25. The company has a market capitalization of $114.93 billion, a P/E ratio of 24.75, a P/E/G ratio of 2.33 and a beta of 0.80.

Medtronic (NYSE:MDT) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same period last year, the business posted $1.46 EPS. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.17%. This is a boost from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is currently 78.45%.

Medtronic Profile

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.