Stone Summit Wealth LLC Acquires 2,580 Shares of Medtronic PLC (NYSE:MDT)

Stone Summit Wealth LLC lifted its holdings in Medtronic PLC (NYSE:MDT) by 17.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,599 shares of the medical technology company’s stock after buying an additional 2,580 shares during the quarter. Stone Summit Wealth LLC’s holdings in Medtronic were worth $1,581,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of MDT. Vanguard Group Inc. raised its stake in Medtronic by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock valued at $9,921,367,000 after buying an additional 754,395 shares during the last quarter. Capital Research Global Investors raised its position in shares of Medtronic by 1.8% in the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock worth $2,652,310,000 after purchasing an additional 571,700 shares during the last quarter. Geode Capital Management LLC boosted its stake in Medtronic by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock worth $2,155,085,000 after purchasing an additional 574,055 shares in the last quarter. Deutsche Bank AG boosted its stake in Medtronic by 2.1% in the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company’s stock worth $1,473,278,000 after purchasing an additional 372,168 shares in the last quarter. Finally, Invesco Ltd. grew its position in Medtronic by 17.8% during 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. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MDT shares. Robert W. Baird decreased their target price on shares of Medtronic from $94.00 to $92.00 and set a “neutral” 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 report on Thursday, May 22nd. Leerink Partnrs raised Medtronic to a “strong-buy” rating in a research report on Monday, June 16th. Leerink Partners started coverage on Medtronic in a report on Monday, June 16th. They issued an “outperform” rating and a $110.00 target price for the company. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.87.

Medtronic Price Performance

NYSE MDT opened at $86.41 on Friday. The company has a 50-day moving average price of $84.74 and a 200-day moving average price of $86.31. Medtronic PLC has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $110.83 billion, a P/E ratio of 23.87, a PEG ratio of 2.32 and a beta of 0.79.

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

Medtronic Increases Dividend

The business also recently disclosed 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 an increase from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.29%. Medtronic’s payout ratio is 77.35%.

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.