Rowlandmiller & PARTNERS.ADV Has $1.42 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Rowlandmiller & PARTNERS.ADV raised its stake in shares of Medtronic plc (NYSE:MDT) by 22.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,836 shares of the medical technology company’s stock after purchasing an additional 2,890 shares during the period. Rowlandmiller & PARTNERS.ADV’s holdings in Medtronic were worth $1,423,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TCTC Holdings LLC grew its holdings 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 purchasing an additional 1,301 shares during the last quarter. Brighton Jones LLC boosted its position 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 acquiring an additional 37,265 shares during the period. Oxford Asset Management LLP boosted its position in shares of Medtronic by 70.1% in the fourth quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company’s stock valued at $594,000 after acquiring an additional 3,068 shares during the period. New Vernon Investment Management LLC boosted its position in shares of Medtronic by 304.9% in the fourth quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company’s stock valued at $2,425,000 after acquiring an additional 22,300 shares during the period. Finally, Advisor OS LLC boosted its position in shares of Medtronic by 152.0% in the fourth quarter. Advisor OS LLC now owns 11,800 shares of the medical technology company’s stock valued at $943,000 after acquiring an additional 7,118 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on MDT. Truist Financial reduced their price objective on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Royal Bank of Canada reduced their target price on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research report 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. Robert W. Baird reduced their target price on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Finally, Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Nine equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.00.

Medtronic Trading Up 0.5%

NYSE:MDT opened at $87.92 on Wednesday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The stock has a market capitalization of $112.77 billion, a PE ratio of 26.72, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The business’s 50-day simple moving average is $83.89 and its 200-day simple moving average is $86.22.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $8.81 billion. During the same quarter in the previous year, the business posted $1.46 EPS. Medtronic’s revenue for the quarter was up 3.9% on a year-over-year basis. Sell-side analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal 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 paid a $0.71 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.23%. 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.