Pitti Group Wealth Management LLC Increases Holdings in Medtronic plc (NYSE:MDT)

Pitti Group Wealth Management LLC boosted its position in shares of Medtronic plc (NYSE:MDT) by 3.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,921 shares of the medical technology company’s stock after purchasing an additional 302 shares during the quarter. Pitti Group Wealth Management LLC’s holdings in Medtronic were worth $802,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. MONECO Advisors LLC raised its holdings in shares of Medtronic by 1.8% in the fourth quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock valued at $512,000 after acquiring an additional 115 shares in the last quarter. Faithward Advisors LLC increased its position in Medtronic by 2.7% during the 4th quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company’s stock valued at $403,000 after purchasing an additional 134 shares during the period. Vestor Capital LLC raised its holdings in shares of Medtronic by 0.3% in the 4th quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company’s stock valued at $4,104,000 after purchasing an additional 138 shares in the last quarter. L. Roy Papp & Associates LLP lifted its position in shares of Medtronic by 2.8% in the 1st quarter. L. Roy Papp & Associates LLP now owns 5,099 shares of the medical technology company’s stock worth $458,000 after purchasing an additional 138 shares during the period. Finally, Retirement Planning Co of New England Inc. boosted its stake in shares of Medtronic by 4.9% during the fourth quarter. Retirement Planning Co of New England Inc. now owns 2,989 shares of the medical technology company’s stock valued at $239,000 after purchasing an additional 139 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

Shares of MDT stock opened at $87.38 on Friday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The firm has a market capitalization of $112.07 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 2.22 and a beta of 0.79. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The stock’s 50-day simple moving average is $83.92 and its 200-day simple moving average is $86.17.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. During the same period last year, the business earned $1.46 EPS. Medtronic’s revenue for the quarter was up 3.9% on a year-over-year basis. As a group, equities analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal 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 issued a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.25%. Medtronic’s payout ratio is 78.45%.

Analyst Ratings Changes

A number of brokerages recently commented on MDT. Robert W. Baird reduced their price objective on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Royal Bank of Canada reduced their price target on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday. Truist Financial cut their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Finally, UBS Group boosted their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.00.

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.