Focus Financial Network Inc. Boosts Holdings in Medtronic plc (NYSE:MDT)

Focus Financial Network Inc. grew its position in Medtronic plc (NYSE:MDT) by 3.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,945 shares of the medical technology company’s stock after acquiring an additional 1,176 shares during the quarter. Focus Financial Network Inc.’s holdings in Medtronic were worth $3,230,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mainstream Capital Management LLC bought a new position in shares of Medtronic in the fourth quarter worth about $26,000. Burkett Financial Services LLC grew its stake in shares of Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 185 shares during the last quarter. Rakuten Securities Inc. raised its holdings in shares of Medtronic by 753.8% in the fourth 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 acquired a new stake in Medtronic during the 4th quarter worth about $27,000. Finally, Optiver Holding B.V. purchased a new position in shares of Medtronic during the 4th quarter valued at about $31,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the subject of several recent research reports. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their target price for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. UBS Group increased their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Mizuho decreased their price objective 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. Finally, Royal Bank of Canada dropped their price target on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $97.00.

Medtronic Stock Performance

Shares of MDT stock opened at $88.01 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The firm has a market cap of $112.88 billion, a P/E ratio of 26.75, a P/E/G ratio of 2.22 and a beta of 0.79. The firm’s 50 day moving average price is $83.99 and its 200-day moving average price is $86.23. Medtronic plc has a one year low of $75.96 and a one year high of $96.25.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 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 company had revenue of $8.93 billion for the quarter, compared to analysts’ expectations of $8.81 billion. During the same period in the prior year, the firm earned $1.46 earnings per share. The firm’s revenue was up 3.9% compared to the same quarter last year. As a group, equities research analysts predict 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. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.23%. This is a boost from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is 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.