Old Port Advisors Invests $265,000 in Medtronic plc (NYSE:MDT)

Old Port Advisors acquired a new position in shares of Medtronic plc (NYSE:MDTGet Rating) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,359 shares of the medical technology company’s stock, valued at approximately $265,000.

Several other hedge funds have also recently bought and sold shares of MDT. Dixon Hughes Goodman Wealth Advisors LLC acquired a new position in Medtronic during the fourth quarter valued at approximately $25,000. PYA Waltman Capital LLC acquired a new position in Medtronic during the fourth quarter valued at approximately $25,000. Horan Securities Inc. acquired a new position in Medtronic during the fourth quarter valued at approximately $25,000. Curi Wealth Management LLC acquired a new position in Medtronic during the fourth quarter valued at approximately $27,000. Finally, Kenfarb & CO. acquired a new position in Medtronic during the fourth quarter valued at approximately $29,000. 80.23% of the stock is owned by institutional investors.

Several research analysts recently commented on MDT shares. Credit Suisse Group reduced their price target on Medtronic from $142.00 to $135.00 and set an “outperform” rating for the company in a research report on Wednesday, February 23rd. Citigroup dropped their price objective on Medtronic from $120.00 to $117.00 and set a “buy” rating on the stock in a research note on Friday, May 27th. Piper Sandler dropped their price objective on Medtronic from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Thursday, May 26th. Bank of America started coverage on Medtronic in a research note on Tuesday, March 1st. They issued a “buy” rating on the stock. Finally, Royal Bank of Canada dropped their price objective on Medtronic from $135.00 to $122.00 in a research note on Friday, May 27th. Ten equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $121.55.

Shares of Medtronic stock 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 firm has a market capitalization 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 business has a 50-day simple moving average of $100.73 and a 200 day simple moving average of $104.38. 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 issued its earnings results on Thursday, May 26th. The medical technology company reported $1.52 EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 15.90% and a return on equity of 14.50%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.50 earnings per share. On average, sell-side analysts expect that Medtronic plc will post 5.56 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Friday, June 24th will be paid a dividend of $0.68 per share. The ex-dividend date of this dividend is Thursday, June 23rd. This represents a $2.72 dividend on an annualized basis and a yield of 3.05%. This is an increase from Medtronic’s previous quarterly dividend of $0.63. Medtronic’s payout ratio is 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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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