Millington Financial Advisors LLC Has $1.90 Million Stake in Medtronic plc (NYSE:MDT)

Millington Financial Advisors LLC boosted its holdings in shares of Medtronic plc (NYSE:MDT) by 6.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,903 shares of the medical technology company’s stock after buying an additional 1,447 shares during the quarter. Medtronic comprises 1.2% of Millington Financial Advisors LLC’s portfolio, making the stock its 26th biggest holding. Millington Financial Advisors LLC’s holdings in Medtronic were worth $1,899,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in MDT. Norges Bank acquired a new stake in Medtronic in the 4th quarter worth $1,163,580,000. Raymond James Financial Inc. bought a new position in Medtronic in the fourth quarter worth $852,732,000. Beutel Goodman & Co Ltd. acquired a new stake in Medtronic during the fourth quarter worth $377,169,000. Van ECK Associates Corp increased its holdings in 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 during the period. Finally, Invesco Ltd. raised its stake 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. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

Shares of MDT stock opened at $87.38 on Monday. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The firm’s 50 day moving average is $83.92 and its 200-day moving average is $86.19. The firm has a market capitalization of $112.07 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT) last posted 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. The firm had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 EPS. Sell-side analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This is an increase from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.25%. Medtronic’s dividend payout ratio is presently 78.45%.

Analysts Set New Price Targets

MDT has been the topic of several recent research reports. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their target price for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday. Truist Financial dropped their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Royal Bank of Canada decreased their price target on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Finally, Wall Street Zen lowered Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. 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. Based on data from MarketBeat, the stock has a consensus 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.