Medtronic PLC (NYSE:MDT) Shares Purchased by Keystone Financial Services

Keystone Financial Services lifted its stake in Medtronic PLC (NYSE:MDT) by 5.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,992 shares of the medical technology company’s stock after purchasing an additional 362 shares during the period. Keystone Financial Services’ holdings in Medtronic were worth $628,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mainstream Capital Management LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at about $26,000. Burkett Financial Services LLC lifted its stake in shares of Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after purchasing an additional 185 shares during the period. Rakuten Securities Inc. lifted its stake 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 valued at $27,000 after purchasing an additional 294 shares during the period. Wood Tarver Financial Group LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at about $27,000. Finally, Optiver Holding B.V. acquired a new stake in shares of Medtronic in the fourth quarter valued at about $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on MDT. Truist Financial reduced their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Wall Street Zen raised shares of Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday. Mizuho lowered their price objective on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Finally, 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 note on Tuesday, March 4th. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.87.

Medtronic Price Performance

Medtronic stock opened at $86.02 on Tuesday. Medtronic PLC has a 12-month low of $75.96 and a 12-month high of $96.25. The stock has a market capitalization of $110.32 billion, a P/E ratio of 23.76, a P/E/G ratio of 2.33 and a beta of 0.79. The firm’s 50-day moving average is $84.53 and its two-hundred day moving average is $86.30. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company had revenue of $8.93 billion for the quarter, compared to analysts’ expectations of $8.81 billion. During the same period last year, the company earned $1.46 EPS. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. Equities analysts predict that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Friday, June 27th. Medtronic’s dividend payout ratio is presently 77.35%.

About Medtronic

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.