Petredis Investment Advisors LLC Raises Stock Position in Medtronic plc (NYSE:MDT)

Petredis Investment Advisors LLC grew its stake in shares of Medtronic plc (NYSE:MDT) by 2.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,762 shares of the medical technology company’s stock after acquiring an additional 596 shares during the period. Petredis Investment Advisors LLC’s holdings in Medtronic were worth $2,405,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Mainstream Capital Management LLC bought a new stake in Medtronic during the 4th quarter valued at $26,000. Burkett Financial Services LLC increased its stake in shares of Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after buying an additional 185 shares during the period. Rakuten Securities Inc. raised its holdings in shares of Medtronic by 753.8% in the fourth 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 purchased a new stake in Medtronic in the fourth quarter worth about $27,000. Finally, Optiver Holding B.V. purchased a new stake in Medtronic in the fourth quarter worth about $31,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of research reports. UBS Group raised their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Mizuho dropped their price objective on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Truist Financial lowered their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Finally, Royal Bank of Canada dropped their target price on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $97.00.

Medtronic Stock Up 0.0%

Medtronic stock opened at $87.46 on Tuesday. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25. The business has a fifty day moving average price of $83.89 and a 200-day moving average price of $86.20. 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 stock has a market capitalization of $112.18 billion, a price-to-earnings ratio of 26.58, a PEG ratio of 2.22 and a beta of 0.79.

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 the consensus estimate of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Medtronic’s revenue was up 3.9% on a year-over-year basis. During the same period last year, the firm posted $1.46 EPS. Equities research analysts forecast that Medtronic plc will post 5.46 EPS 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 of this dividend 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%.

Medtronic Company 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.