Patriot Financial Group Insurance Agency LLC Grows Stock Holdings in Medtronic plc (NYSE:MDT)

Patriot Financial Group Insurance Agency LLC grew its stake in Medtronic plc (NYSE:MDT) by 13.3% in the first quarter, Holdings Channel.com reports. The firm owned 27,486 shares of the medical technology company’s stock after acquiring an additional 3,230 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Medtronic were worth $2,470,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in MDT. Brighton Jones LLC grew its holdings in shares of Medtronic by 1,368.0% in the fourth 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. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Medtronic by 6.1% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 164,576 shares of the medical technology company’s stock valued at $13,146,000 after purchasing an additional 9,451 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Medtronic in the 4th quarter valued at approximately $78,000. Shepherd Financial Partners LLC increased its holdings in shares of Medtronic by 2.9% during the 4th quarter. Shepherd Financial Partners LLC now owns 5,567 shares of the medical technology company’s stock worth $445,000 after buying an additional 159 shares during the last quarter. Finally, Vest Financial LLC increased its holdings in shares of Medtronic by 3.4% during the 4th quarter. Vest Financial LLC now owns 633,609 shares of the medical technology company’s stock worth $50,613,000 after buying an additional 20,806 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT stock opened at $87.38 on Friday. The firm has a 50 day moving average of $83.92 and a two-hundred day moving average of $86.18. The stock has a market capitalization of $112.07 billion, a PE ratio of 26.56, a P/E/G ratio of 2.22 and a beta of 0.79. 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 plc has a 52 week low of $75.96 and a 52 week high of $96.25.

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 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 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 posted $1.46 earnings per share. Medtronic’s revenue was up 3.9% compared to the same quarter last year. On average, research analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal 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 paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend 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 presently 78.45%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MDT. Royal Bank of Canada decreased their price objective on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. Robert W. Baird decreased their price target on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, May 22nd. Truist Financial lowered their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Wall Street Zen lowered shares of Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Finally, Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and increased their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price 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.