International Assets Investment Management LLC Raises Position in Medtronic PLC (NYSE:MDT)

International Assets Investment Management LLC lifted its stake in shares of Medtronic PLC (NYSE:MDT) by 1.2% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 14,597 shares of the medical technology company’s stock after acquiring an additional 177 shares during the period. International Assets Investment Management LLC’s holdings in Medtronic were worth $1,312,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Mainstream Capital Management LLC purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $26,000. Burkett Financial Services LLC boosted 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. grew its holdings in Medtronic by 753.8% during the 4th 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 in the last quarter. Wood Tarver Financial Group LLC purchased a new stake in Medtronic during the 4th quarter worth $27,000. Finally, Optiver Holding B.V. purchased a new stake in Medtronic during the 4th quarter worth $31,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MDT. Leerink Partners began coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an “outperform” rating and a $110.00 price objective for the company. Mizuho cut their price target on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Wall Street Zen upgraded Medtronic from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Leerink Partnrs upgraded Medtronic to a “strong-buy” rating in a research note on Monday, June 16th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Medtronic has a consensus rating of “Moderate Buy” and an average price target of $97.87.

Medtronic Trading Up 0.2%

Shares of NYSE MDT opened at $86.12 on Wednesday. Medtronic PLC has a 12-month low of $75.96 and a 12-month high of $96.25. The company has a market cap of $110.45 billion, a price-to-earnings ratio of 23.79, a price-to-earnings-growth ratio of 2.32 and a beta of 0.79. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The stock’s 50 day simple moving average is $84.60 and its 200 day simple moving average is $86.29.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating 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 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 business posted $1.46 earnings per share. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. Equities research analysts expect 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. Shareholders 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 yield of 3.30%. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. Medtronic’s payout ratio is presently 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.