Brookstone Capital Management lifted its stake in shares of Medtronic plc (NYSE:MDT – Get Rating) by 68.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,850 shares of the medical technology company’s stock after acquiring an additional 8,894 shares during the quarter. Brookstone Capital Management’s holdings in Medtronic were worth $2,437,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. CHICAGO TRUST Co NA increased its stake in shares of Medtronic by 21.2% during the first quarter. CHICAGO TRUST Co NA now owns 18,128 shares of the medical technology company’s stock valued at $2,011,000 after acquiring an additional 3,165 shares during the period. Cooper Financial Group increased its stake in shares of Medtronic by 27.8% during the first quarter. Cooper Financial Group now owns 2,563 shares of the medical technology company’s stock valued at $284,000 after acquiring an additional 557 shares during the period. Dividend Assets Capital LLC increased its stake in shares of Medtronic by 2.8% during the first quarter. Dividend Assets Capital LLC now owns 73,373 shares of the medical technology company’s stock valued at $8,141,000 after acquiring an additional 1,993 shares during the period. A. D. Beadell Investment Counsel Inc. grew its position in Medtronic by 1.3% in the first quarter. A. D. Beadell Investment Counsel Inc. now owns 34,990 shares of the medical technology company’s stock worth $3,882,000 after buying an additional 450 shares during the last quarter. Finally, Keene & Associates Inc. acquired a new position in Medtronic in the first quarter worth approximately $3,337,000. Institutional investors and hedge funds own 80.23% of the company’s stock.
Several research analysts have issued reports on the stock. Sanford C. Bernstein restated a “buy” rating and issued a $122.00 price target on shares of Medtronic in a research report on Friday, May 20th. SVB Leerink restated a “market perform” rating on shares of Medtronic in a research report on Wednesday, April 13th. Truist Financial decreased their price objective on shares of Medtronic from $121.00 to $111.00 and set a “hold” rating for the company in a research note on Friday, May 27th. Cowen raised their price objective on shares of Medtronic to $125.00 in a research note on Monday, May 23rd. Finally, Needham & Company LLC lowered shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Friday, May 27th. 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, Medtronic currently has an average rating of “Moderate Buy” and an average target price of $121.55.
Medtronic (NYSE:MDT – Get 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). The firm had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $8.43 billion. Medtronic had a return on equity of 14.50% and a net margin of 15.90%. The business’s revenue was down 1.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.50 EPS. 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. Investors of record on Friday, June 24th will be issued a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 3.05%. The ex-dividend date is Thursday, June 23rd. This is an increase from Medtronic’s previous quarterly dividend of $0.63. Medtronic’s dividend payout ratio (DPR) is 67.56%.
Medtronic Profile (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.
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