Salvus Wealth Management LLC Purchases 170 Shares of Medtronic plc (NYSE:MDT)

Salvus Wealth Management LLC grew its position in shares of Medtronic plc (NYSE:MDT) by 2.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,076 shares of the medical technology company’s stock after buying an additional 170 shares during the quarter. Salvus Wealth Management LLC’s holdings in Medtronic were worth $726,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Mainstream Capital Management LLC purchased a new position in shares of Medtronic in the fourth quarter worth $26,000. Rakuten Securities Inc. raised its position in Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after buying an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC bought a new position in Medtronic during the 4th quarter valued at about $27,000. Optiver Holding B.V. purchased a new stake in shares of Medtronic during the 4th quarter valued at about $31,000. Finally, Chapman Financial Group LLC purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $33,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

NYSE MDT opened at $85.71 on Thursday. The company has a market cap of $109.93 billion, a P/E ratio of 26.05, a P/E/G ratio of 2.22 and a beta of 0.81. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The company has a fifty day simple moving average of $84.00 and a 200 day simple moving average of $86.16.

Medtronic (NYSE:MDT) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the prior year, the company earned $1.46 EPS. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, sell-side analysts predict that Medtronic plc will post 5.46 EPS 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 paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.31%. 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. Medtronic’s payout ratio is currently 78.45%.

Analyst Ratings Changes

Several analysts have issued reports on the company. UBS Group boosted their price target on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Royal Bank of Canada cut 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. Mizuho lowered their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Finally, Robert W. Baird dropped their price target on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, May 22nd. Nine analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $97.00.

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.