Legacy Capital Group California Inc. Has $1.24 Million Stake in Medtronic PLC (NYSE:MDT)

Legacy Capital Group California Inc. grew its holdings in Medtronic PLC (NYSE:MDT) by 4.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,812 shares of the medical technology company’s stock after buying an additional 553 shares during the period. Legacy Capital Group California Inc.’s holdings in Medtronic were worth $1,241,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MDT. Commerce Bank lifted its holdings in Medtronic by 1.7% during the 1st quarter. Commerce Bank now owns 145,984 shares of the medical technology company’s stock worth $13,118,000 after purchasing an additional 2,429 shares during the last quarter. Brighton Jones LLC raised its holdings in Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after acquiring an additional 37,265 shares in the last quarter. Oxford Asset Management LLP raised its holdings in Medtronic by 70.1% in the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company’s stock valued at $594,000 after acquiring an additional 3,068 shares in the last quarter. New Vernon Investment Management LLC raised its holdings in Medtronic by 304.9% in the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company’s stock valued at $2,425,000 after acquiring an additional 22,300 shares in the last quarter. Finally, Insight Inv LLC increased its holdings in Medtronic by 84.2% in the 1st quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company’s stock valued at $2,467,000 after buying an additional 12,550 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on MDT shares. Citigroup raised their target price on shares of Medtronic from $98.00 to $99.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. Royal Bank Of Canada decreased their target price on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. William Blair upgraded Medtronic to a “hold” rating in a research note on Friday, July 11th. Leerink Partnrs upgraded Medtronic to a “strong-buy” rating in a research note on Monday, June 16th. Finally, BTIG Research reiterated a “neutral” rating on shares of Medtronic in a research note on Friday, July 11th. 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 stock. According to data from MarketBeat, Medtronic presently has an average rating of “Moderate Buy” and an average price target of $98.19.

Medtronic Stock Up 0.1%

Shares of MDT opened at $89.69 on Wednesday. The company has a market capitalization of $115.03 billion, a PE ratio of 24.78, a PEG ratio of 2.33 and a beta of 0.80. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25. The stock’s 50-day moving average price is $88.11 and its two-hundred day moving average price is $87.87. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

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

Medtronic Increases Dividend

The business also recently announced 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. This represents a $2.84 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend 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%.

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.