Persium Advisors LLC Boosts Stock Holdings in Medtronic plc (NYSE:MDT)

Persium Advisors LLC raised its holdings in shares of Medtronic plc (NYSE:MDT) by 4.6% during the first quarter, HoldingsChannel reports. The firm owned 7,603 shares of the medical technology company’s stock after purchasing an additional 337 shares during the period. Medtronic comprises 0.6% of Persium Advisors LLC’s portfolio, making the stock its 18th largest holding. Persium Advisors LLC’s holdings in Medtronic were worth $683,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Medtronic in the 4th quarter valued at about $1,163,580,000. Raymond James Financial Inc. bought a new stake in shares of Medtronic in the 4th quarter valued at about $852,732,000. Beutel Goodman & Co Ltd. bought a new stake in shares of Medtronic in the 4th quarter valued at about $377,169,000. Van ECK Associates Corp boosted its holdings in shares of Medtronic by 2,043.4% in the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after buying an additional 2,476,935 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after buying an additional 2,333,600 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

MDT opened at $87.38 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The firm has a fifty day moving average price of $83.92 and a 200 day moving average price of $86.17. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The stock has a market cap of $112.07 billion, a P/E ratio of 26.56, a P/E/G ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. During the same period in the previous year, the business posted $1.46 EPS. The business’s revenue was up 3.9% compared to the same quarter last year. Equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a $0.71 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Friday, June 27th. Medtronic’s payout ratio is currently 78.45%.

Analyst Ratings Changes

A number of analysts have recently weighed in on MDT shares. Truist Financial lowered their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday. Royal Bank of Canada lowered their price target on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. UBS Group lifted their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Robert W. Baird lowered their target price on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Medtronic has a consensus rating of “Moderate Buy” and a consensus target price of $97.00.

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.