Berkshire Bank Acquires 357 Shares of Medtronic plc (NYSE:MDT)

Berkshire Bank grew its holdings in shares of Medtronic plc (NYSE:MDT) by 12.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,215 shares of the medical technology company’s stock after buying an additional 357 shares during the quarter. Berkshire Bank’s holdings in Medtronic were worth $289,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Lynch & Associates IN increased its stake in shares of Medtronic by 4.9% during the 1st quarter. Lynch & Associates IN now owns 9,714 shares of the medical technology company’s stock worth $873,000 after purchasing an additional 455 shares during the last quarter. Chicago Capital LLC increased its stake in shares of Medtronic by 152.7% during the 1st quarter. Chicago Capital LLC now owns 11,624 shares of the medical technology company’s stock worth $1,045,000 after purchasing an additional 7,024 shares during the last quarter. Inscription Capital LLC acquired a new position in shares of Medtronic during the 1st quarter worth about $743,000. Grimes & Company Inc. increased its stake in shares of Medtronic by 6.0% during the 1st quarter. Grimes & Company Inc. now owns 203,048 shares of the medical technology company’s stock worth $18,246,000 after purchasing an additional 11,417 shares during the last quarter. Finally, Stockman Wealth Management Inc. increased its stake in shares of Medtronic by 7.5% during the 1st quarter. Stockman Wealth Management Inc. now owns 113,977 shares of the medical technology company’s stock worth $10,242,000 after purchasing an additional 7,972 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

NYSE MDT opened at $87.92 on Tuesday. 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 market capitalization of $112.76 billion, a P/E ratio of 26.72, a P/E/G ratio of 2.22 and a beta of 0.79. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The firm has a 50-day moving average price of $84.33 and a two-hundred day moving average price of $86.27.

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, beating analysts’ consensus estimates of $1.58 by $0.04. The firm 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 business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.46 EPS. Analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a dividend of $0.71 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.23%. Medtronic’s dividend payout ratio (DPR) is currently 78.45%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MDT shares. UBS Group boosted their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Mizuho lowered their price objective on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Finally, Leerink Partners started coverage on shares of Medtronic in a research note on Monday. They issued an “outperform” rating and a $110.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $97.87.

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.