Atlas Private Wealth Advisors Purchases 1,560 Shares of Medtronic plc (NYSE:MDT)

Atlas Private Wealth Advisors lifted its position in shares of Medtronic plc (NYSE:MDT) by 10.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,888 shares of the medical technology company’s stock after acquiring an additional 1,560 shares during the period. Atlas Private Wealth Advisors’ holdings in Medtronic were worth $1,428,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in Medtronic in the 4th quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. bought a new position in Medtronic in the 4th quarter valued at approximately $852,732,000. Beutel Goodman & Co Ltd. bought a new position in Medtronic in the 4th quarter valued at approximately $377,169,000. Invesco Ltd. lifted its stake in 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 purchasing an additional 2,333,600 shares during the last quarter. Finally, Burgundy Asset Management Ltd. bought a new position in Medtronic in the 4th quarter valued at approximately $174,329,000. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MDT shares. UBS Group increased their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and upped their price target for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Wall Street Zen cut shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Robert W. Baird decreased their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Friday, June 6th. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $97.00.

Medtronic Trading Down 1.5%

MDT opened at $87.19 on Friday. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The company has a fifty day moving average of $84.21 and a 200-day moving average of $86.26. The stock has a market cap of $111.83 billion, a PE ratio of 26.50, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT) last issued its earnings results 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 business had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Medtronic’s revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.46 earnings per share. On average, sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a dividend of $0.71 per share. 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 annualized dividend and a yield of 3.26%. Medtronic’s dividend payout ratio is currently 78.45%.

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.