Syverson Strege & Co Purchases Shares of 264 Medtronic plc (NYSE:MDT)

Syverson Strege & Co purchased a new stake in Medtronic plc (NYSE:MDTGet Rating) during the 1st quarter, Holdings Channel reports. The fund purchased 264 shares of the medical technology company’s stock, valued at approximately $29,000.

Several other hedge funds and other institutional investors have also made changes to their positions in MDT. Patriot Financial Group Insurance Agency LLC increased its holdings in shares of Medtronic by 1.7% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 5,453 shares of the medical technology company’s stock worth $684,000 after acquiring an additional 90 shares during the period. Wedge Capital Management L L P NC increased its holdings in shares of Medtronic by 3.6% in the 1st quarter. Wedge Capital Management L L P NC now owns 2,633 shares of the medical technology company’s stock worth $292,000 after acquiring an additional 92 shares during the period. Wealth Architects LLC increased its holdings in shares of Medtronic by 5.2% in the 4th quarter. Wealth Architects LLC now owns 1,991 shares of the medical technology company’s stock worth $206,000 after acquiring an additional 98 shares during the period. Chicago Capital LLC increased its holdings in shares of Medtronic by 4.0% in the 4th quarter. Chicago Capital LLC now owns 2,541 shares of the medical technology company’s stock worth $263,000 after acquiring an additional 98 shares during the period. Finally, Lincoln National Corp increased its holdings in shares of Medtronic by 1.4% in the 4th quarter. Lincoln National Corp now owns 7,310 shares of the medical technology company’s stock worth $756,000 after acquiring an additional 98 shares during the period. 80.23% of the stock is currently owned by institutional investors.

MDT has been the topic of several research analyst reports. Truist Financial lowered their target price on shares of Medtronic from $121.00 to $111.00 and set a “hold” rating on the stock in a research note on Friday, May 27th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Medtronic from $149.00 to $121.00 in a research note on Friday, May 27th. Royal Bank of Canada lowered their target price on shares of Medtronic from $135.00 to $122.00 in a research note on Friday, May 27th. Cowen raised their target price on shares of Medtronic to $125.00 in a research note on Monday, May 23rd. Finally, Credit Suisse Group lowered their target price on shares of Medtronic from $142.00 to $135.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 23rd. Ten investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of “Moderate Buy” and an average target price of $121.55.

Shares of MDT opened at $89.25 on Thursday. Medtronic plc has a one year low of $86.95 and a one year high of $135.89. The company has a 50-day moving average of $100.73 and a two-hundred day moving average of $104.38. The stock has a market cap of $119.73 billion, a price-to-earnings ratio of 23.93, a PEG ratio of 2.27 and a beta of 0.74. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.86 and a quick ratio of 1.49.

Medtronic (NYSE:MDTGet Rating) last announced its earnings results on Thursday, May 26th. The medical technology company reported $1.52 EPS for the quarter, missing the consensus estimate of $1.56 by ($0.04). Medtronic had a return on equity of 14.50% and a net margin of 15.90%. The firm had revenue of $8.09 billion during the quarter, compared to analyst estimates of $8.43 billion. During the same quarter in the previous year, the business earned $1.50 earnings per share. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. Analysts anticipate that Medtronic plc will post 5.56 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Friday, June 24th will be issued a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 3.05%. This is a boost from Medtronic’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Thursday, June 23rd. Medtronic’s dividend payout ratio (DPR) is presently 67.56%.

About Medtronic (Get Rating)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.

Further Reading

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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