Stablepoint Partners LLC Buys 1,977 Shares of Medtronic plc (NYSE:MDT)

Stablepoint Partners LLC grew its stake in shares of Medtronic plc (NYSE:MDT) by 3.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 67,666 shares of the medical technology company’s stock after acquiring an additional 1,977 shares during the period. Medtronic comprises 1.1% of Stablepoint Partners LLC’s investment portfolio, making the stock its 23rd biggest position. Stablepoint Partners LLC’s holdings in Medtronic were worth $6,080,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Empowered Funds LLC boosted its holdings in Medtronic by 2.7% in the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company’s stock worth $8,453,000 after buying an additional 2,778 shares during the period. Equitable Trust Co. boosted its holdings in Medtronic by 91.7% in the 4th quarter. Equitable Trust Co. now owns 39,645 shares of the medical technology company’s stock valued at $3,167,000 after purchasing an additional 18,968 shares during the period. TCTC Holdings LLC boosted its holdings in Medtronic by 3.4% in the 4th quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company’s stock valued at $3,173,000 after purchasing an additional 1,301 shares during the period. Brighton Jones LLC boosted its holdings in Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after purchasing an additional 37,265 shares during the period. Finally, Oxford Asset Management LLP boosted its holdings in Medtronic by 70.1% in the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company’s stock valued at $594,000 after purchasing an additional 3,068 shares during the period. 82.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on MDT. Mizuho cut their price target on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. UBS Group raised their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, May 19th. Wall Street Zen cut shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Finally, Royal Bank of Canada decreased their target price on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Nine 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $97.00.

Medtronic Price Performance

MDT stock opened at $86.92 on Friday. The firm’s 50-day moving average price is $83.94 and its two-hundred day moving average price is $86.15. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The stock has a market capitalization of $111.47 billion, a price-to-earnings ratio of 26.42, a PEG ratio of 2.22 and a beta of 0.79. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $8.93 billion for the quarter, compared to analysts’ expectations of $8.81 billion. During the same quarter in the previous year, the company earned $1.46 earnings per share. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, equities analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a $0.71 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.27%. Medtronic’s payout ratio is presently 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.