Aries Wealth Management Makes New Investment in Medtronic plc (NYSE:MDT)

Aries Wealth Management acquired a new position in Medtronic plc (NYSE:MDT) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,317 shares of the medical technology company’s stock, valued at approximately $298,000.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC raised its holdings in shares of Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after buying an additional 37,265 shares during the period. Valeo Financial Advisors LLC grew its position in Medtronic by 3.1% in the fourth quarter. Valeo Financial Advisors LLC now owns 18,342 shares of the medical technology company’s stock valued at $1,465,000 after acquiring an additional 544 shares in the last quarter. TigerOak Management L.L.C. purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $361,000. Principal Securities Inc. lifted its position in shares of Medtronic by 24.5% during the fourth quarter. Principal Securities Inc. now owns 59,314 shares of the medical technology company’s stock worth $4,738,000 after purchasing an additional 11,658 shares in the last quarter. Finally, Allworth Financial LP boosted its stake in shares of Medtronic by 42.5% in the fourth quarter. Allworth Financial LP now owns 40,408 shares of the medical technology company’s stock valued at $3,549,000 after purchasing an additional 12,055 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on MDT. Royal Bank of Canada dropped their price target on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Truist Financial reduced their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Wall Street Zen downgraded Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, June 6th. Nine equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.00.

Medtronic Stock Performance

Shares of MDT opened at $87.19 on Monday. The stock has a market capitalization 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. The business’s fifty day moving average price is $84.21 and its 200 day moving average price is $86.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period last year, the firm posted $1.46 EPS. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities research analysts forecast that Medtronic plc will post 5.46 EPS 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 given a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.26%. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is currently 78.45%.

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.