Medtronic PLC (NYSE:MDT) Position Lifted by Cullen Frost Bankers Inc.

by · The Cerbat Gem

Cullen Frost Bankers Inc. grew its stake in shares of Medtronic PLC (NYSE:MDT – Free Report) by 2.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 284,261 shares of the medical technology company’s stock after acquiring an additional 6,604 shares during the period. Cullen Frost Bankers Inc.’s holdings in Medtronic were worth $25,544,000 at the end of the most recent quarter.

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

Medtronic Stock Performance

Shares of MDT opened at $89.26 on Wednesday. The firm has a market cap of $114.47 billion, a P/E ratio of 24.66, a PEG ratio of 2.33 and a beta of 0.80. Medtronic PLC has a twelve month low of $76.68 and a twelve month high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The firm’s 50 day moving average price is $86.03 and its two-hundred day moving average price is $86.97.

Medtronic (NYSE:MDT – Get Free Report) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.58 by $0.04. The firm had revenue of $8.93 billion for the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business posted $1.46 EPS. On average, analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were 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 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic’s dividend payout ratio is 78.45%.

Analyst Ratings Changes

A number of analysts have recently weighed in on MDT shares. Royal Bank Of Canada dropped their price target on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. BTIG Research reiterated a “neutral” rating on shares of Medtronic in a research note on Friday. Truist Financial decreased their target price on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Robert W. Baird cut their price target on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Finally, William Blair raised Medtronic to a “hold” rating in a report 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 has a consensus rating of “Moderate Buy” and an average price target of $98.06.

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About Medtronic

(Free Report)

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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