IFC Advisors LLC Acquires 225 Shares of Medtronic PLC (NYSE:MDT)

IFC Advisors LLC boosted its holdings in shares of Medtronic PLC (NYSE:MDT) by 7.8% in the 1st quarter, Holdings Channel.com reports. The firm owned 3,098 shares of the medical technology company’s stock after purchasing an additional 225 shares during the quarter. IFC Advisors LLC’s holdings in Medtronic were worth $278,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Burkett Financial Services LLC boosted its stake in Medtronic by 185.0% during the 1st 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. Columbia River Financial Group LLC acquired a new position in Medtronic in the 1st quarter valued at approximately $28,000. Rakuten Securities Inc. raised its holdings in Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC acquired a new position in Medtronic in the 4th quarter valued at approximately $27,000. Finally, Optiver Holding B.V. acquired a new position in Medtronic in the 4th quarter valued at approximately $31,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $90.02 on Friday. The business’s 50 day moving average price is $85.77 and its two-hundred day moving average price is $86.82. The company has a market cap of $115.45 billion, a PE ratio of 24.87, a price-to-earnings-growth ratio of 2.32 and a beta of 0.80. 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 PLC has a twelve month low of $76.68 and a twelve month high of $96.25.

Medtronic (NYSE:MDT) last announced its quarterly 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. The firm had revenue of $8.93 billion for 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 was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.46 earnings per share. On average, analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given a $0.71 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.15%. Medtronic’s dividend payout ratio is presently 78.45%.

Analyst Ratings Changes

MDT has been the subject of several analyst reports. Robert W. Baird cut their target price on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Wall Street Zen raised Medtronic from a “hold” rating to a “buy” rating in a report on Saturday, June 21st. Wolfe Research raised Medtronic from an “underperform” rating to a “peer perform” rating in a research note on Monday, June 30th. Mizuho lowered their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Finally, Citigroup lifted their target price on Medtronic from $98.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday. Nine 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 stock. Based on data from MarketBeat, Medtronic presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.47.

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.