Beacon Capital Management LLC Has $45,000 Position in Medtronic PLC (NYSE:MDT)

Beacon Capital Management LLC raised its holdings in Medtronic PLC (NYSE:MDT) by 45.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 500 shares of the medical technology company’s stock after acquiring an additional 157 shares during the quarter. Beacon Capital Management LLC’s holdings in Medtronic were worth $45,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of MDT. Mainstream Capital Management LLC bought a new stake in shares of Medtronic during the 4th quarter worth $26,000. Burkett Financial Services LLC boosted its holdings in 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 acquiring an additional 185 shares during the period. Rakuten Securities Inc. grew its position 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 purchasing an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC acquired a new position in shares of Medtronic during the 4th quarter worth about $27,000. Finally, Optiver Holding B.V. acquired a new stake in Medtronic in the 4th quarter valued at approximately $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on MDT shares. Royal Bank Of Canada cut their price objective on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. Mizuho lowered their price target on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. UBS Group raised their price objective on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Robert W. Baird lowered their price objective on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Finally, Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.87.

Medtronic Stock Down 0.6%

MDT stock opened at $85.68 on Thursday. Medtronic PLC has a 52 week low of $75.96 and a 52 week high of $96.25. The business has a 50-day simple moving average of $84.35 and a 200 day simple moving average of $86.26. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company has a market cap of $109.88 billion, a PE ratio of 23.67, a price-to-earnings-growth ratio of 2.33 and a beta of 0.79.

Medtronic (NYSE:MDT) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating 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 company’s revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.46 EPS. Sell-side analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced 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. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.31%. This is a boost from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is currently 77.35%.

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.