Tompkins Financial Corp Raises Holdings in Medtronic plc (NYSE:MDT)

Tompkins Financial Corp lifted its holdings in shares of Medtronic plc (NYSE:MDT) by 371.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,206 shares of the medical technology company’s stock after purchasing an additional 950 shares during the period. Tompkins Financial Corp’s holdings in Medtronic were worth $108,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MDT. Norges Bank purchased a new position in shares of Medtronic during the 4th quarter worth approximately $1,163,580,000. Raymond James Financial Inc. purchased a new position in shares of Medtronic during the 4th quarter worth approximately $852,732,000. Beutel Goodman & Co Ltd. purchased a new position in shares of Medtronic during the 4th quarter worth approximately $377,169,000. Van ECK Associates Corp increased its stake in shares of Medtronic by 2,043.4% during the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after purchasing an additional 2,476,935 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Up 0.8%

Shares of MDT opened at $83.03 on Friday. The firm has a market cap of $106.49 billion, a PE ratio of 25.24, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The company’s fifty day moving average is $84.19 and its two-hundred day moving average is $86.20. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last announced its quarterly earnings results 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. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Medtronic’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter last year, the business earned $1.46 EPS. Analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm 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 dividend of $0.71 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.42%. Medtronic’s payout ratio is presently 78.45%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Wall Street Zen cut shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. Truist Financial lowered their target price on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Royal Bank of Canada lowered their target price on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. UBS Group lifted their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Citigroup raised shares of 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 note on Tuesday, March 4th. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus 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.