Medtronic plc (NYSE:MDT) Stock Holdings Boosted by WealthBridge Investment Counsel Inc.

WealthBridge Investment Counsel Inc. raised its position in shares of Medtronic plc (NYSE:MDT) by 2.8% in the first quarter, HoldingsChannel.com reports. The firm owned 78,685 shares of the medical technology company’s stock after buying an additional 2,145 shares during the period. Medtronic comprises about 2.6% of WealthBridge Investment Counsel Inc.’s investment portfolio, making the stock its 20th biggest holding. WealthBridge Investment Counsel Inc.’s holdings in Medtronic were worth $7,071,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Burkett Financial Services LLC boosted its stake in shares of Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 185 shares in the last quarter. Mainstream Capital Management LLC bought a new stake in shares of Medtronic during the 4th quarter worth $26,000. Rakuten Securities Inc. boosted its stake in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic during the 4th quarter worth $27,000. Finally, Optiver Holding B.V. bought a new stake in shares of Medtronic during the 4th quarter worth $31,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

Shares of Medtronic stock opened at $87.38 on Friday. 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 plc has a 12 month low of $75.96 and a 12 month high of $96.25. The business has a fifty day simple moving average of $83.92 and a 200-day simple moving average of $86.17. The stock has a market cap of $112.07 billion, a PE ratio of 26.56, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same period last year, the company earned $1.46 earnings per share. Medtronic’s quarterly revenue was up 3.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Wall Street Zen lowered Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. Truist Financial reduced their price objective on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Robert W. Baird reduced their price objective on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Mizuho decreased their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. Finally, UBS Group raised their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.