Proactive Wealth Strategies LLC Has $2.55 Million Stock Holdings in Medtronic PLC (NYSE:MDT)

Proactive Wealth Strategies LLC lowered its position in shares of Medtronic PLC (NYSE:MDT) by 0.5% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 28,373 shares of the medical technology company’s stock after selling 155 shares during the quarter. Medtronic comprises 1.4% of Proactive Wealth Strategies LLC’s holdings, making the stock its 22nd biggest position. Proactive Wealth Strategies LLC’s holdings in Medtronic were worth $2,550,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of MDT. Mainstream Capital Management LLC bought a new stake in Medtronic in the 4th quarter valued at about $26,000. Burkett Financial Services LLC boosted its stake in shares of Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after buying an additional 185 shares during the period. Rakuten Securities Inc. increased its stake in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 294 shares during the period. Wood Tarver Financial Group LLC bought a new position in Medtronic during the 4th quarter worth $27,000. Finally, Optiver Holding B.V. bought a new stake in shares of Medtronic during the 4th quarter valued at $31,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE MDT opened at $86.02 on Tuesday. The company has a market capitalization of $110.32 billion, a price-to-earnings ratio of 23.76, a PEG ratio of 2.33 and a beta of 0.79. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Medtronic PLC has a twelve month low of $75.96 and a twelve month high of $96.25. The stock has a fifty day simple moving average of $84.53 and a 200 day simple moving average of $86.30.

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

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.71 dividend. 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 yield of 3.30%. Medtronic’s payout ratio is presently 77.35%.

Analysts Set New Price Targets

A number of brokerages recently commented on MDT. Leerink Partners assumed coverage on Medtronic in a research report on Monday, June 16th. They issued an “outperform” rating and a $110.00 price target on the stock. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Mizuho decreased their price target on 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 reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Finally, Robert W. Baird decreased their target price on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Moderate Buy” and a consensus price target 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.