Dividend Assets Capital LLC Has $556,000 Stock Holdings in Medtronic plc (NYSE:MDT)

Dividend Assets Capital LLC decreased its position in Medtronic plc (NYSE:MDT) by 28.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,183 shares of the medical technology company’s stock after selling 2,441 shares during the period. Dividend Assets Capital LLC’s holdings in Medtronic were worth $556,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in MDT. Vanguard Group Inc. increased its holdings in shares of Medtronic by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock valued at $9,921,367,000 after purchasing an additional 754,395 shares in the last quarter. Capital Research Global Investors boosted its holdings in shares of Medtronic by 1.8% in the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock valued at $2,652,310,000 after buying an additional 571,700 shares during the last quarter. Geode Capital Management LLC grew its holdings in Medtronic by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock worth $2,155,085,000 after purchasing an additional 574,055 shares during the period. Deutsche Bank AG raised its stake in Medtronic by 2.1% in the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company’s stock valued at $1,473,278,000 after acquiring an additional 372,168 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after buying an additional 2,333,600 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of recent analyst reports. Mizuho cut their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. UBS Group increased their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday. Wall Street Zen cut shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Finally, Truist Financial dropped their target price on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.00.

Medtronic Stock Performance

MDT stock opened at $87.46 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The company has a market cap of $112.18 billion, a P/E ratio of 26.58, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The stock’s fifty day moving average price is $83.89 and its 200-day moving average price is $86.20. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25.

Medtronic (NYSE:MDT) last posted its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period last year, the firm earned $1.46 earnings per share. On average, equities analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a dividend of $0.71 per share. This is a boost 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%. The ex-dividend date is Friday, June 27th. Medtronic’s dividend payout ratio is 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.