Medtronic plc (NYSE:MDT) Shares Purchased by WealthBridge Investment Counsel Inc.

WealthBridge Investment Counsel Inc. raised its position in shares of Medtronic plc (NYSE:MDT) by 2.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 78,685 shares of the medical technology company’s stock after buying an additional 2,145 shares during the quarter. Medtronic comprises 2.6% of WealthBridge Investment Counsel Inc.’s portfolio, making the stock its 20th largest position. WealthBridge Investment Counsel Inc.’s holdings in Medtronic were worth $7,071,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Empowered Funds LLC raised its stake in Medtronic by 2.7% during the fourth quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company’s stock valued at $8,453,000 after buying an additional 2,778 shares in the last quarter. Equitable Trust Co. raised its stake in Medtronic by 91.7% during the fourth quarter. Equitable Trust Co. now owns 39,645 shares of the medical technology company’s stock valued at $3,167,000 after buying an additional 18,968 shares in the last quarter. TCTC Holdings LLC raised its stake in Medtronic by 3.4% during the fourth quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company’s stock valued at $3,173,000 after buying an additional 1,301 shares in the last quarter. Brighton Jones LLC raised its stake in Medtronic by 1,368.0% during the fourth 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 in the last quarter. Finally, Oxford Asset Management LLP raised its stake in Medtronic by 70.1% during the fourth quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company’s stock valued at $594,000 after buying an additional 3,068 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock opened at $87.38 on Friday. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The firm has a market capitalization of $112.07 billion, a price-to-earnings ratio of 26.56, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The business has a 50 day simple moving average of $83.92 and a 200 day simple moving average of $86.17. 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 (NYSE:MDT) last issued its quarterly earnings data 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 return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same period in the prior year, the company posted $1.46 EPS. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, equities research analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently disclosed 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 represents a $2.84 dividend on an annualized basis and a yield of 3.25%. 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. Medtronic’s dividend payout ratio is 78.45%.

Analysts Set New Price Targets

Several analysts have issued reports on MDT shares. Royal Bank of Canada cut their price objective on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Wall Street Zen cut Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Mizuho dropped their price target on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. UBS Group increased their price target on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Finally, Robert W. Baird dropped their price target on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $97.00.

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.