Probity Advisors Inc. Has $865,000 Holdings in Medtronic PLC (NYSE:MDT)

Probity Advisors Inc. lifted its position in shares of Medtronic PLC (NYSE:MDT) by 10.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,625 shares of the medical technology company’s stock after acquiring an additional 910 shares during the quarter. Probity Advisors Inc.’s holdings in Medtronic were worth $865,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Burkett Financial Services LLC grew its holdings in shares of Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 185 shares during the last quarter. Wood Tarver Financial Group LLC bought a new stake in Medtronic during the 4th quarter worth approximately $27,000. Columbia River Financial Group LLC bought a new stake in Medtronic during the 1st quarter worth approximately $28,000. Optiver Holding B.V. acquired a new position in Medtronic in the 4th quarter valued at approximately $31,000. Finally, Hughes Financial Services LLC bought a new position in shares of Medtronic during the first quarter valued at $32,000. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MDT. Leerink Partnrs raised shares of Medtronic to a “strong-buy” rating in a research note on Monday, June 16th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Morgan Stanley reiterated an “overweight” rating and issued a $107.00 target price (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Robert W. Baird dropped their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Finally, Leerink Partners initiated coverage on shares of Medtronic in a research note on Monday, June 16th. They issued an “outperform” rating and a $110.00 price objective on the stock. Eleven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic has a consensus rating of “Moderate Buy” and an average price target of $98.19.

Medtronic Stock Down 1.0%

Shares of NYSE MDT opened at $89.31 on Monday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The company has a 50-day moving average price of $87.76 and a 200-day moving average price of $87.85. The stock has a market capitalization of $114.54 billion, a P/E ratio of 24.67, a P/E/G ratio of 2.32 and a beta of 0.80. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25.

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

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.2%. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is presently 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.