United Community Bank Raises Stock Position in Medtronic PLC (NYSE:MDT)

United Community Bank grew its holdings in Medtronic PLC (NYSE:MDT) by 310.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,687 shares of the medical technology company’s stock after acquiring an additional 20,190 shares during the period. Medtronic comprises approximately 0.9% of United Community Bank’s holdings, making the stock its 22nd biggest holding. United Community Bank’s holdings in Medtronic were worth $2,398,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in MDT. Brighton Jones LLC grew its holdings in Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock worth $3,194,000 after acquiring an additional 37,265 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in Medtronic during the 4th quarter worth $13,132,000. AGF Management Ltd. acquired a new position in Medtronic during the 4th quarter worth $335,000. PFG Advisors grew its holdings in Medtronic by 8.4% during the 4th quarter. PFG Advisors now owns 2,673 shares of the medical technology company’s stock worth $214,000 after acquiring an additional 208 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in Medtronic by 1.7% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 190,937 shares of the medical technology company’s stock worth $15,252,000 after acquiring an additional 3,255 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock opened at $90.02 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The company has a market capitalization of $115.45 billion, a P/E ratio of 24.87, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. The company’s 50 day moving average price is $85.77 and its two-hundred day moving average price is $86.89. Medtronic PLC has a 52 week low of $76.68 and a 52 week high of $96.25.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. 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. The business’s quarterly revenue was up 3.9% on a year-over-year basis. On average, analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend was Friday, June 27th. This is an increase from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is 78.45%.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of recent research reports. Robert W. Baird reduced their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Royal Bank Of Canada reduced their price target on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Mizuho reduced their price target on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Truist Financial reduced their price target 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. Finally, Citigroup raised their price target on shares of Medtronic from $98.00 to $99.00 and gave the stock a “buy” rating in a research report on Wednesday, July 9th. Ten analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.47.

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.