Demars Financial Group LLC Has $77.23 Million Stake in Medtronic plc (NYSE:MDT)

Demars Financial Group LLC increased its stake in shares of Medtronic plc (NYSE:MDT) by 14.4% during the first quarter, HoldingsChannel.com reports. The fund owned 859,444 shares of the medical technology company’s stock after purchasing an additional 108,472 shares during the period. Demars Financial Group LLC’s holdings in Medtronic were worth $77,230,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. TCTC Holdings LLC increased its holdings in shares of Medtronic by 3.4% during the 4th quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company’s stock valued at $3,173,000 after acquiring an additional 1,301 shares during the last quarter. Brighton Jones LLC boosted its stake in Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after purchasing an additional 37,265 shares during the period. Oxford Asset Management LLP boosted its stake in Medtronic by 70.1% during the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company’s stock valued at $594,000 after purchasing an additional 3,068 shares during the period. New Vernon Investment Management LLC boosted its stake in Medtronic by 304.9% during the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company’s stock valued at $2,425,000 after purchasing an additional 22,300 shares during the period. Finally, Advisor OS LLC boosted its stake in Medtronic by 152.0% during the 4th quarter. Advisor OS LLC now owns 11,800 shares of the medical technology company’s stock valued at $943,000 after purchasing an additional 7,118 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Up 0.7%

Shares of NYSE:MDT opened at $87.92 on Tuesday. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The stock has a market cap of $112.76 billion, a PE ratio of 26.72, a P/E/G ratio of 2.22 and a beta of 0.79. The business has a 50 day moving average of $84.33 and a 200-day moving average of $86.27. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last issued its quarterly 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. The business had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.46 earnings per share. As a group, equities research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared 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 3.23%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic’s payout ratio is 78.45%.

Analyst Ratings Changes

MDT has been the subject of several recent analyst reports. Truist Financial decreased their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Mizuho decreased their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and increased their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Royal Bank of Canada decreased their target price on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Finally, Leerink Partners started coverage on Medtronic in a research report on Monday. They issued an “outperform” rating and a $110.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $97.87.

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.