Seven Mile Advisory Boosts Position in Medtronic PLC (NYSE:MDT)

Seven Mile Advisory grew its stake in Medtronic PLC (NYSE:MDT) by 5.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,736 shares of the medical technology company’s stock after acquiring an additional 145 shares during the quarter. Seven Mile Advisory’s holdings in Medtronic were worth $246,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Burkett Financial Services LLC lifted its position 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 acquiring an additional 185 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at $27,000. Columbia River Financial Group LLC purchased a new stake in shares of Medtronic in the first quarter valued at $28,000. Optiver Holding B.V. purchased a new stake in shares of Medtronic in the fourth quarter valued at $31,000. Finally, Hughes Financial Services LLC purchased a new stake in shares of Medtronic in the first quarter valued at $32,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT stock opened at $92.98 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25. The firm has a market cap of $119.18 billion, a P/E ratio of 25.69, a price-to-earnings-growth ratio of 2.42 and a beta of 0.80. The stock has a 50-day simple moving average of $89.32 and a 200-day simple moving average of $87.98.

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 business had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same quarter last year, the firm earned $1.46 earnings per share. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, equities analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be paid a $0.71 dividend. The ex-dividend date is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. Medtronic’s dividend payout ratio (DPR) is 78.45%.

Analyst Ratings Changes

Several brokerages have recently issued reports on MDT. Evercore ISI upped their price objective on Medtronic from $103.00 to $106.00 and gave the company an “outperform” rating in a research report on Tuesday, July 8th. Wolfe Research upgraded Medtronic from an “underperform” rating to a “peer perform” rating in a research note on Monday, June 30th. BTIG Research reiterated a “neutral” rating on shares of Medtronic in a research note on Friday, July 11th. Wall Street Zen lowered Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Citigroup upped their target price on Medtronic from $98.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Twelve equities research 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.19.

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.