Revisor Wealth Management LLC Acquires New Position in Medtronic PLC (NYSE:MDT)

Revisor Wealth Management LLC bought a new position in shares of Medtronic PLC (NYSE:MDT) during the 1st quarter, Holdings Channel reports. The firm bought 5,071 shares of the medical technology company’s stock, valued at approximately $459,000.

A number of other hedge funds also recently added to or reduced their stakes in MDT. Novem Group boosted its stake in shares of Medtronic by 10.4% during the 1st quarter. Novem Group now owns 39,856 shares of the medical technology company’s stock worth $3,581,000 after acquiring an additional 3,749 shares in the last quarter. Private Trust Co. NA raised its holdings in Medtronic by 10.2% during the first quarter. Private Trust Co. NA now owns 9,349 shares of the medical technology company’s stock worth $840,000 after purchasing an additional 863 shares during the last quarter. Pinnacle Financial Partners Inc boosted its position in Medtronic by 1.7% during the first quarter. Pinnacle Financial Partners Inc now owns 158,706 shares of the medical technology company’s stock worth $14,261,000 after purchasing an additional 2,586 shares in the last quarter. Kanawha Capital Management LLC boosted its position in Medtronic by 3.4% during the first quarter. Kanawha Capital Management LLC now owns 119,150 shares of the medical technology company’s stock worth $10,707,000 after purchasing an additional 3,967 shares in the last quarter. Finally, Aaron Wealth Advisors LLC grew its holdings in Medtronic by 12.6% in the first quarter. Aaron Wealth Advisors LLC now owns 7,743 shares of the medical technology company’s stock valued at $696,000 after purchasing an additional 865 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MDT has been the subject of several research reports. Leerink Partners started coverage on Medtronic in a research note on Monday, June 16th. They set an “outperform” rating and a $110.00 price target for the company. Truist Financial cut their target price on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a research report on Saturday, June 21st. Royal Bank Of Canada dropped their price objective on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Finally, Mizuho reduced their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Medtronic has an average rating of “Moderate Buy” and an average target price of $97.87.

Medtronic Stock Down 0.4%

MDT stock opened at $88.42 on Thursday. The company has a 50 day moving average price of $85.12 and a two-hundred day moving average price of $86.44. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The stock has a market capitalization of $113.40 billion, a P/E ratio of 24.43, a PEG ratio of 2.40 and a beta of 0.80. Medtronic PLC has a one year low of $75.96 and a one year high of $96.25.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.46 earnings per share. As a group, sell-side analysts expect that Medtronic PLC will post 5.46 EPS 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 paid a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.21%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio is currently 78.45%.

Medtronic 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.