Alpha Cubed Investments LLC Takes Position in Medtronic PLC (NYSE:MDT)

Alpha Cubed Investments LLC bought a new stake in Medtronic PLC (NYSE:MDT) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,524 shares of the medical technology company’s stock, valued at approximately $227,000.

Other institutional investors also recently modified their holdings of the company. Dunhill Financial LLC increased its position in shares of Medtronic by 17.2% during the first quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company’s stock worth $76,000 after buying an additional 124 shares during the period. Cidel Asset Management Inc. increased its position in shares of Medtronic by 1.3% during the first quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company’s stock worth $856,000 after buying an additional 126 shares during the period. Petros Family Wealth LLC increased its position in shares of Medtronic by 4.3% during the first quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company’s stock worth $280,000 after buying an additional 127 shares during the period. Faithward Advisors LLC increased its position in shares of Medtronic by 2.7% during the fourth quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company’s stock worth $403,000 after buying an additional 134 shares during the period. Finally, Vestor Capital LLC increased its position in shares of Medtronic by 0.3% during the fourth quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company’s stock worth $4,104,000 after buying an additional 138 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Down 0.7%

Medtronic stock opened at $87.73 on Tuesday. Medtronic PLC has a 1-year low of $75.96 and a 1-year high of $96.25. The firm has a market capitalization of $112.52 billion, a price-to-earnings ratio of 24.23, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80. The firm’s fifty day moving average price is $85.37 and its two-hundred day moving average price is $86.68. 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 released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same period last year, the firm earned $1.46 earnings per share. The firm’s revenue was up 3.9% on a year-over-year basis. On average, equities research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a dividend of $0.71 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date is Friday, June 27th. Medtronic’s dividend payout ratio (DPR) is presently 78.45%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MDT. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, June 6th. Robert W. Baird reduced their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a report on Thursday, May 22nd. Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a report on Saturday, June 21st. Mizuho reduced their price target on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. Finally, Leerink Partners started coverage on shares of Medtronic in a report on Monday, June 16th. They issued an “outperform” rating and a $110.00 price target for the company. Nine research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $97.87.

Medtronic Company 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.