Wealthsource Partners LLC grew its holdings in Medtronic plc (NYSE:MDT – Get Rating) by 300.0% in the 1st quarter, Holdings Channel reports. The institutional investor owned 18,435 shares of the medical technology company’s stock after buying an additional 13,826 shares during the quarter. Wealthsource Partners LLC’s holdings in Medtronic were worth $2,045,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Qube Research & Technologies Ltd increased its stake in Medtronic by 286.5% in the 4th quarter. Qube Research & Technologies Ltd now owns 681,324 shares of the medical technology company’s stock valued at $70,483,000 after purchasing an additional 505,059 shares in the last quarter. Dixon Hughes Goodman Wealth Advisors LLC purchased a new position in Medtronic in the 4th quarter valued at approximately $25,000. RFG Advisory LLC increased its stake in Medtronic by 27.7% in the 4th quarter. RFG Advisory LLC now owns 10,979 shares of the medical technology company’s stock valued at $1,136,000 after purchasing an additional 2,382 shares in the last quarter. Pinnacle Associates Ltd. increased its stake in Medtronic by 13.9% in the 4th quarter. Pinnacle Associates Ltd. now owns 56,405 shares of the medical technology company’s stock valued at $5,835,000 after purchasing an additional 6,873 shares in the last quarter. Finally, TFC Financial Management increased its stake in Medtronic by 27.1% in the 4th quarter. TFC Financial Management now owns 1,078 shares of the medical technology company’s stock valued at $112,000 after purchasing an additional 230 shares in the last quarter. 80.23% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
MDT has been the subject of several research analyst reports. Cowen set a $125.00 price objective on Medtronic and gave the company an “outperform” rating in a research note on Monday, May 23rd. Cowen raised their price target on Medtronic to $125.00 in a research report on Monday, May 23rd. TheStreet downgraded Medtronic from a “b-” rating to a “c+” rating in a research report on Monday, August 1st. Sanford C. Bernstein reissued a “buy” rating and set a $122.00 price target on shares of Medtronic in a research report on Friday, May 20th. Finally, Stifel Nicolaus dropped their price target on Medtronic from $125.00 to $105.00 in a research report on Monday, July 18th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $117.13.
Medtronic Price Performance
Medtronic (NYSE:MDT – Get Rating) last issued its earnings results on Thursday, May 26th. The medical technology company reported $1.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.04). Medtronic had a net margin of 15.90% and a return on equity of 14.50%. The firm had revenue of $8.09 billion during the quarter, compared to analyst estimates of $8.43 billion. During the same quarter in the previous year, the business posted $1.50 EPS. Medtronic’s revenue was down 1.2% compared to the same quarter last year. As a group, research analysts anticipate that Medtronic plc will post 5.56 earnings per share for the current year.
Medtronic Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Friday, June 24th were paid a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date was Thursday, June 23rd. This is a boost from Medtronic’s previous quarterly dividend of $0.63. Medtronic’s payout ratio is currently 72.92%.
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.
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