Stone Summit Wealth LLC Purchases 2,580 Shares of Medtronic PLC (NYSE:MDT)

by · The Markets Daily

Stone Summit Wealth LLC raised its holdings in shares of Medtronic PLC (NYSE:MDT – Free Report) by 17.2% during the first quarter, Holdings Channel.com reports. The fund owned 17,599 shares of the medical technology company’s stock after buying an additional 2,580 shares during the period. Stone Summit Wealth LLC’s holdings in Medtronic were worth $1,581,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Norges Bank bought a new stake in Medtronic during the 4th quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. purchased a new stake in Medtronic during the 4th quarter valued at approximately $852,732,000. Beutel Goodman & Co Ltd. bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $377,169,000. Invesco Ltd. lifted its holdings in shares of Medtronic by 17.8% in the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after buying an additional 2,333,600 shares in the last quarter. Finally, Burgundy Asset Management Ltd. bought a new position in shares of Medtronic during the fourth quarter worth $174,329,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Up 0.5%

Shares of MDT opened at $86.41 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The business has a fifty day moving average of $84.74 and a 200 day moving average of $86.31. The company has a market cap of $110.83 billion, a PE ratio of 23.87, a P/E/G ratio of 2.32 and a beta of 0.79. Medtronic PLC has a 52-week low of $75.96 and a 52-week high of $96.25.

Medtronic (NYSE:MDT – Get Free Report) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same quarter last year, the business earned $1.46 EPS. The business’s revenue was up 3.9% on a year-over-year basis. On average, sell-side analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.29%. The ex-dividend date is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is 77.35%.

Analyst Ratings Changes

MDT has been the topic of a number of research reports. Leerink Partners assumed coverage on shares of Medtronic in a report on Monday, June 16th. They issued an “outperform” rating and a $110.00 price target on the stock. Robert W. Baird reduced their target price on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Leerink Partnrs upgraded Medtronic to a “strong-buy” rating in a research report on Monday, June 16th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Finally, Wall Street Zen raised Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $97.87.

Read Our Latest Stock Report on Medtronic

Medtronic Company Profile

(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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