Alpha Omega Wealth Management LLC Sells 289 Shares of Medtronic plc (NYSE:MDT)

Alpha Omega Wealth Management LLC lowered its holdings in Medtronic plc (NYSE:MDT) by 8.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,106 shares of the medical technology company’s stock after selling 289 shares during the period. Alpha Omega Wealth Management LLC’s holdings in Medtronic were worth $279,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. MONECO Advisors LLC grew its position in Medtronic by 1.8% in the fourth quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock valued at $512,000 after purchasing an additional 115 shares in the last quarter. Faithward Advisors LLC grew its position in Medtronic by 2.7% in the fourth quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company’s stock valued at $403,000 after purchasing an additional 134 shares in the last quarter. Vestor Capital LLC grew its position in Medtronic by 0.3% in the fourth quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company’s stock valued at $4,104,000 after purchasing an additional 138 shares in the last quarter. L. Roy Papp & Associates LLP grew its position in Medtronic by 2.8% in the first quarter. L. Roy Papp & Associates LLP now owns 5,099 shares of the medical technology company’s stock valued at $458,000 after purchasing an additional 138 shares in the last quarter. Finally, Retirement Planning Co of New England Inc. grew its position in Medtronic by 4.9% in the fourth quarter. Retirement Planning Co of New England Inc. now owns 2,989 shares of the medical technology company’s stock valued at $239,000 after purchasing an additional 139 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday, June 6th. Mizuho decreased their price objective on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Robert W. Baird decreased their price objective on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Finally, Wall Street Zen downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $97.00.

Medtronic Price Performance

Shares of Medtronic stock opened at $88.01 on Thursday. The company has a 50-day simple moving average of $83.99 and a two-hundred day simple moving average of $86.23. The stock has a market capitalization of $112.88 billion, a price-to-earnings ratio of 26.75, a price-to-earnings-growth 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 twelve month low of $75.96 and a twelve month high of $96.25.

Medtronic (NYSE:MDT) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.46 EPS. Analysts forecast 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. Stockholders of record on Friday, June 27th will be given a $0.71 dividend. The ex-dividend date is Friday, June 27th. This is a boost from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.23%. Medtronic’s payout ratio 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.