Syverson Strege & Co Buys New Stake in Medtronic plc (NYSE:MDT)

Syverson Strege & Co bought a new stake in Medtronic plc (NYSE:MDTGet Rating) in the 1st quarter, according to its most recent filing with the SEC. The fund bought 264 shares of the medical technology company’s stock, valued at approximately $29,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cantor Fitzgerald Investment Advisor L.P raised its position in Medtronic by 428.1% during the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 203,922 shares of the medical technology company’s stock worth $22,626,000 after acquiring an additional 165,309 shares during the period. Alliance Wealth Advisors LLC acquired a new position in Medtronic during the first quarter worth $364,000. Wedge Capital Management L L P NC raised its position in Medtronic by 3.6% during the first quarter. Wedge Capital Management L L P NC now owns 2,633 shares of the medical technology company’s stock worth $292,000 after acquiring an additional 92 shares during the period. First Affirmative Financial Network raised its position in Medtronic by 10.2% during the first quarter. First Affirmative Financial Network now owns 5,578 shares of the medical technology company’s stock worth $619,000 after acquiring an additional 517 shares during the period. Finally, Glassy Mountain Advisors Inc. raised its position in Medtronic by 5.0% during the first quarter. Glassy Mountain Advisors Inc. now owns 22,200 shares of the medical technology company’s stock worth $2,463,000 after acquiring an additional 1,049 shares during the period. Hedge funds and other institutional investors own 80.23% of the company’s stock.

NYSE:MDT opened at $89.25 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.49 and a current ratio of 1.86. The stock has a market capitalization of $119.73 billion, a P/E ratio of 23.93, a PEG ratio of 2.27 and a beta of 0.74. The company has a 50 day moving average price of $100.73 and a 200 day moving average price of $104.38. Medtronic plc has a fifty-two week low of $86.95 and a fifty-two week high of $135.89.

Medtronic (NYSE:MDTGet Rating) last posted its quarterly earnings data 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). The company had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $8.43 billion. Medtronic had a return on equity of 14.50% and a net margin of 15.90%. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.50 EPS. Research analysts forecast that Medtronic plc will post 5.56 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Friday, June 24th will be given a dividend of $0.68 per share. The ex-dividend date of this dividend is Thursday, June 23rd. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.05%. This is a boost from Medtronic’s previous quarterly dividend of $0.63. Medtronic’s dividend payout ratio (DPR) is presently 67.56%.

A number of equities analysts have weighed in on the stock. SVB Leerink restated a “market perform” rating on shares of Medtronic in a research report on Wednesday, April 13th. Needham & Company LLC lowered shares of Medtronic from a “buy” rating to a “hold” rating in a report on Friday, May 27th. Morgan Stanley dropped their target price on shares of Medtronic from $115.00 to $114.00 and set an “equal weight” rating for the company in a report on Tuesday, June 7th. Royal Bank of Canada dropped their target price on shares of Medtronic from $135.00 to $122.00 in a report on Friday, May 27th. Finally, Citigroup dropped their target price on shares of Medtronic from $120.00 to $117.00 and set a “buy” rating for the company in a report on Friday, May 27th. Ten equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Medtronic presently has an average rating of “Moderate Buy” and a consensus target price of $121.55.

About Medtronic (Get Rating)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.

Further Reading

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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