Midland Wealth Advisors LLC Lowers Stock Position in Medtronic plc (NYSE:MDT)

Midland Wealth Advisors LLC cut its holdings in Medtronic plc (NYSE:MDT) by 15.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,390 shares of the medical technology company’s stock after selling 987 shares during the quarter. Midland Wealth Advisors LLC’s holdings in Medtronic were worth $484,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Mainstream Capital Management LLC purchased a new stake in Medtronic in the fourth quarter worth about $26,000. Burkett Financial Services LLC boosted its position in shares of Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 185 shares in the last quarter. Rakuten Securities Inc. grew its stake in shares of Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after buying an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC bought a new position in Medtronic during the 4th quarter valued at approximately $27,000. Finally, Optiver Holding B.V. bought a new position in Medtronic during the 4th quarter valued at approximately $31,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Wall Street Zen downgraded Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and increased their price objective for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Royal Bank of Canada decreased their target price on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. Finally, Mizuho cut their price target on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. Nine analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $97.00.

Medtronic Stock Up 0.4%

Shares of Medtronic stock opened at $87.38 on Monday. Medtronic plc has a twelve month low of $75.96 and a twelve month 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. The company’s 50 day moving average is $83.92 and its 200 day moving average is $86.19. The company has a market cap 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.

Medtronic (NYSE:MDT) last announced its 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 business had revenue of $8.93 billion during 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%. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.46 EPS. Research analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently announced 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 represents a $2.84 annualized dividend and a yield of 3.25%. This is a boost from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. Medtronic’s dividend payout ratio (DPR) is presently 78.45%.

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.