Peterson Wealth Services Acquires 2,441 Shares of Medtronic PLC (NYSE:MDT)

Peterson Wealth Services boosted its position in shares of Medtronic PLC (NYSE:MDT) by 13.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,695 shares of the medical technology company’s stock after buying an additional 2,441 shares during the quarter. Peterson Wealth Services’ holdings in Medtronic were worth $1,860,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of MDT. Brighton Jones LLC boosted its stake in shares of Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after purchasing an additional 37,265 shares during the period. Quantbot Technologies LP bought a new position in Medtronic in the fourth quarter worth about $2,238,000. Sei Investments Co. raised its holdings in Medtronic by 8.2% in the fourth quarter. Sei Investments Co. now owns 1,102,799 shares of the medical technology company’s stock worth $88,105,000 after purchasing an additional 83,393 shares in the last quarter. Umpqua Bank raised its holdings in Medtronic by 10.6% in the fourth quarter. Umpqua Bank now owns 3,401 shares of the medical technology company’s stock worth $290,000 after purchasing an additional 327 shares in the last quarter. Finally, AXQ Capital LP raised its holdings in Medtronic by 33.3% in the fourth quarter. AXQ Capital LP now owns 5,358 shares of the medical technology company’s stock worth $428,000 after purchasing an additional 1,340 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Up 0.1%

Shares of NYSE:MDT opened at $89.63 on Monday. The business has a 50-day moving average price of $86.41 and a 200 day moving average price of $87.23. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $114.95 billion, a price-to-earnings ratio of 24.76, a PEG ratio of 2.33 and a beta of 0.80. Medtronic PLC has a 12-month low of $78.32 and a 12-month high of $96.25.

Medtronic (NYSE:MDT) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $8.81 billion. During the same period last year, the business posted $1.46 EPS. Medtronic’s revenue for the quarter was up 3.9% on a year-over-year basis. Sell-side analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Friday, June 27th. This is a boost from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is presently 78.45%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MDT. BTIG Research restated a “neutral” rating on shares of Medtronic in a report on Friday, July 11th. Wall Street Zen upgraded Medtronic from a “hold” rating to a “buy” rating in a research report on Saturday, June 21st. Royal Bank Of Canada lowered their price objective on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Morgan Stanley reiterated an “overweight” rating and set a $107.00 target price (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Finally, Leerink Partnrs upgraded Medtronic to a “strong-buy” rating in a research report on Monday, June 16th. 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $98.19.

About Medtronic

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.