PFS Investments Inc. boosted its position in shares of Medtronic plc (NYSE:MDT – Get Rating) by 560.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 145,907 shares of the medical technology company’s stock after buying an additional 123,811 shares during the period. PFS Investments Inc.’s holdings in Medtronic were worth $16,188,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Williams Jones Wealth Management LLC. boosted its stake in Medtronic by 120.4% during the first quarter. Williams Jones Wealth Management LLC. now owns 17,626 shares of the medical technology company’s stock valued at $1,956,000 after buying an additional 9,629 shares during the last quarter. Siemens Fonds Invest GmbH raised its position in Medtronic by 0.7% during the first quarter. Siemens Fonds Invest GmbH now owns 54,972 shares of the medical technology company’s stock valued at $6,099,000 after purchasing an additional 380 shares during the period. Crawford Investment Counsel Inc. raised its position in Medtronic by 6.1% during the first quarter. Crawford Investment Counsel Inc. now owns 854,506 shares of the medical technology company’s stock valued at $94,807,000 after purchasing an additional 49,473 shares during the period. First Commonwealth Financial Corp PA raised its position in Medtronic by 17.6% during the first quarter. First Commonwealth Financial Corp PA now owns 7,663 shares of the medical technology company’s stock valued at $850,000 after purchasing an additional 1,147 shares during the period. Finally, SVB Wealth LLC raised its position in Medtronic by 3.7% during the first quarter. SVB Wealth LLC now owns 295,914 shares of the medical technology company’s stock valued at $32,831,000 after purchasing an additional 10,467 shares during the period. 79.81% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of equities research analysts have issued reports on MDT shares. Stifel Nicolaus decreased their price objective on Medtronic from $125.00 to $105.00 in a research report on Monday, July 18th. Wolfe Research began coverage on Medtronic in a research report on Tuesday, July 5th. They set an “underperform” rating and a $85.00 price objective on the stock. Raymond James downgraded Medtronic from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 24th. Deutsche Bank Aktiengesellschaft reduced their price target on Medtronic from $149.00 to $121.00 in a report on Friday, May 27th. Finally, Atlantic Securities downgraded Medtronic from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $125.00 to $105.00 in a report on Wednesday, June 1st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Medtronic currently has an average rating of “Hold” and an average target price of $111.52.
Medtronic Price Performance
Medtronic (NYSE:MDT – Get Rating) last posted its earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.01. Medtronic had a return on equity of 13.64% and a net margin of 16.75%. During the same period last year, the firm earned $1.41 EPS. Research analysts anticipate that Medtronic plc will post 5.53 earnings per share for the current fiscal year.
Medtronic Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 23rd will be paid a $0.68 dividend. The ex-dividend date of this dividend is Thursday, September 22nd. This represents a $2.72 annualized dividend and a yield of 3.03%. Medtronic’s dividend payout ratio (DPR) is presently 70.28%.
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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