Proactive Wealth Strategies LLC Sells 155 Shares of Medtronic PLC (NYSE:MDT)

Proactive Wealth Strategies LLC lowered its position in shares of Medtronic PLC (NYSE:MDT) by 0.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,373 shares of the medical technology company’s stock after selling 155 shares during the quarter. Medtronic makes up about 1.4% of Proactive Wealth Strategies LLC’s investment portfolio, making the stock its 22nd largest position. Proactive Wealth Strategies LLC’s holdings in Medtronic were worth $2,550,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Win Advisors Inc. acquired a new position in Medtronic in the first quarter valued at approximately $998,000. LaFleur & Godfrey LLC increased its stake in shares of Medtronic by 1.5% in the 1st quarter. LaFleur & Godfrey LLC now owns 40,532 shares of the medical technology company’s stock valued at $3,642,000 after acquiring an additional 609 shares during the last quarter. Petros Family Wealth LLC raised its position in shares of Medtronic by 4.3% in the 1st quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company’s stock valued at $280,000 after acquiring an additional 127 shares during the period. Keystone Financial Services boosted its stake in Medtronic by 5.5% during the 1st quarter. Keystone Financial Services now owns 6,992 shares of the medical technology company’s stock worth $628,000 after acquiring an additional 362 shares during the last quarter. Finally, Ledyard National Bank grew its holdings in Medtronic by 2.2% during the first quarter. Ledyard National Bank now owns 80,137 shares of the medical technology company’s stock valued at $7,201,000 after purchasing an additional 1,744 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Mizuho cut their target price 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. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Truist Financial dropped their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and increased their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Finally, Robert W. Baird dropped their target price on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $97.87.

Medtronic Price Performance

Shares of NYSE MDT opened at $86.02 on Tuesday. Medtronic PLC has a twelve month low of $75.96 and a twelve month high of $96.25. The company has a market cap of $110.32 billion, a PE ratio of 23.76, a price-to-earnings-growth ratio of 2.33 and a beta of 0.79. The business’s 50 day moving average price is $84.53 and its two-hundred day moving average price is $86.30. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

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

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date is Friday, June 27th. This is a boost from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is currently 77.35%.

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.