Medtronic PLC (NYSE:MDT) Shares Acquired by Moran Wealth Management LLC

Moran Wealth Management LLC lifted its holdings in Medtronic PLC (NYSE:MDT) by 19.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 159,727 shares of the medical technology company’s stock after acquiring an additional 25,602 shares during the quarter. Moran Wealth Management LLC’s holdings in Medtronic were worth $14,353,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Medtronic in the fourth quarter valued at $1,163,580,000. Raymond James Financial Inc. purchased a new stake in shares of Medtronic in the fourth quarter worth about $852,732,000. Beutel Goodman & Co Ltd. acquired a new stake in Medtronic during the fourth quarter worth about $377,169,000. Invesco Ltd. raised its position in Medtronic by 17.8% during the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after acquiring an additional 2,333,600 shares in the last quarter. Finally, Burgundy Asset Management Ltd. acquired a new position in Medtronic in the fourth quarter valued at approximately $174,329,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE MDT opened at $86.12 on Wednesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The stock’s 50 day simple moving average is $84.60 and its 200-day simple moving average is $86.29. The company has a market cap of $110.45 billion, a PE ratio of 23.79, a price-to-earnings-growth ratio of 2.32 and a beta of 0.79. Medtronic PLC has a 1-year low of $75.96 and a 1-year high of $96.25.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same quarter last year, the firm posted $1.46 EPS. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. As a group, equities research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm 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. The ex-dividend date is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.30%. Medtronic’s payout ratio is presently 77.35%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MDT shares. Leerink Partners assumed coverage on shares of Medtronic in a report on Monday, June 16th. They set an “outperform” rating and a $110.00 target price for the company. Mizuho cut their price objective on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. Royal Bank Of Canada decreased their price objective on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Friday, June 6th. Finally, Robert W. Baird cut their price target on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $97.87.

Medtronic 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.