Laurel Wealth Advisors LLC Has $1.08 Million Stock Position in Medtronic plc (NYSE:MDT)

Laurel Wealth Advisors LLC increased its stake in Medtronic plc (NYSE:MDT) by 11.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,046 shares of the medical technology company’s stock after purchasing an additional 1,208 shares during the quarter. Laurel Wealth Advisors LLC’s holdings in Medtronic were worth $1,082,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of MDT. Mainstream Capital Management LLC acquired a new position in shares of Medtronic in the fourth quarter worth about $26,000. Burkett Financial Services LLC lifted its position in shares of Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after acquiring an additional 185 shares in the last quarter. Rakuten Securities Inc. lifted its position in shares of Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC acquired a new position in Medtronic in the 4th quarter worth approximately $27,000. Finally, Optiver Holding B.V. purchased a new position in Medtronic during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Up 0.5%

NYSE:MDT opened at $87.92 on Wednesday. The company has a market capitalization of $112.77 billion, a P/E ratio of 26.72, a P/E/G ratio of 2.22 and a beta of 0.79. The stock’s 50 day moving average price is $83.89 and its 200 day moving average price is $86.22. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company’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 firm posted $1.46 earnings per share. On average, research 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. This represents a $2.84 annualized dividend and a yield of 3.23%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. Medtronic’s dividend payout ratio is presently 78.45%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Wall Street Zen cut Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Robert W. Baird decreased their price objective on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Royal Bank of Canada lowered their target price on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Citigroup raised shares of 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 decreased their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic currently has an average rating of “Moderate Buy” and a consensus price target of $97.00.

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.