Wealth Enhancement Advisory Services LLC Buys 53,340 Shares of Medtronic PLC (NYSE:MDT)

Wealth Enhancement Advisory Services LLC boosted its stake in shares of Medtronic PLC (NYSE:MDT) by 11.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 531,059 shares of the medical technology company’s stock after buying an additional 53,340 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Medtronic were worth $47,721,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. MONECO Advisors LLC increased its position in shares of Medtronic by 1.8% in the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock valued at $512,000 after acquiring an additional 115 shares during the period. Faithward Advisors LLC increased its position in shares of Medtronic by 2.7% in the 4th quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company’s stock valued at $403,000 after acquiring an additional 134 shares during the period. Vestor Capital LLC increased its position in shares of Medtronic by 0.3% in the 4th quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company’s stock valued at $4,104,000 after acquiring an additional 138 shares during the period. L. Roy Papp & Associates LLP increased its position in shares of Medtronic by 2.8% in the 1st quarter. L. Roy Papp & Associates LLP now owns 5,099 shares of the medical technology company’s stock valued at $458,000 after acquiring an additional 138 shares during the period. Finally, Retirement Planning Co of New England Inc. increased its position in shares of Medtronic by 4.9% in the 4th quarter. Retirement Planning Co of New England Inc. now owns 2,989 shares of the medical technology company’s stock valued at $239,000 after acquiring an additional 139 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Leerink Partnrs raised Medtronic to a “strong-buy” rating in a research report on Monday, June 16th. Mizuho cut their price target on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, June 6th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and increased their price target for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, Truist Financial cut their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $97.87.

Medtronic Trading Up 0.7%

MDT stock opened at $86.30 on Friday. The company’s 50-day simple moving average is $84.49 and its 200-day simple moving average is $86.26. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 52-week low of $75.96 and a 52-week high of $96.25. The firm has a market cap of $110.68 billion, a P/E ratio of 23.84, a PEG ratio of 2.31 and a beta of 0.79.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. Medtronic’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period last year, the company posted $1.46 EPS. As a group, equities analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal 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. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.29%. Medtronic’s dividend payout ratio (DPR) is currently 77.35%.

About Medtronic

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.