Salvus Wealth Management LLC Has $726,000 Holdings in Medtronic plc (NYSE:MDT)

Salvus Wealth Management LLC lifted its position in shares of Medtronic plc (NYSE:MDT) by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,076 shares of the medical technology company’s stock after purchasing an additional 170 shares during the period. Salvus Wealth Management LLC’s holdings in Medtronic were worth $726,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Brighton Jones LLC grew its stake in shares of Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock worth $3,194,000 after buying an additional 37,265 shares during the last quarter. Spire Wealth Management lifted its stake in Medtronic by 26.5% in the fourth quarter. Spire Wealth Management now owns 11,849 shares of the medical technology company’s stock valued at $946,000 after buying an additional 2,481 shares during the period. Trust Point Inc. increased its stake in shares of Medtronic by 6.2% in the 4th quarter. Trust Point Inc. now owns 11,805 shares of the medical technology company’s stock valued at $943,000 after acquiring an additional 693 shares in the last quarter. Verity Asset Management Inc. raised its holdings in shares of Medtronic by 8.9% during the fourth quarter. Verity Asset Management Inc. now owns 4,201 shares of the medical technology company’s stock valued at $313,000 after purchasing an additional 342 shares during the period. Finally, Brown Lisle Cummings Inc. grew its stake in Medtronic by 15.7% in the fourth quarter. Brown Lisle Cummings Inc. now owns 1,487 shares of the medical technology company’s stock valued at $119,000 after acquiring an additional 202 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Up 0.2%

NYSE:MDT opened at $85.71 on Thursday. The firm has a market capitalization of $109.93 billion, a P/E ratio of 26.05, a PEG ratio of 2.22 and a beta of 0.81. 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 one year low of $75.96 and a one year high of $96.25. The company’s 50-day simple moving average is $84.00 and its 200 day simple moving average is $86.16.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same period last year, the business earned $1.46 earnings per share. The business’s revenue was up 3.9% on a year-over-year basis. As a group, analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.31%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. Medtronic’s payout ratio is 78.45%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MDT. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and raised their price objective for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Truist Financial dropped their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Monday, May 19th. Robert W. Baird lowered their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Finally, Mizuho decreased their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.