Arkadios Wealth Advisors Raises Stock Position in Medtronic PLC (NYSE:MDT)

Arkadios Wealth Advisors raised its stake in Medtronic PLC (NYSE:MDT) by 21.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 78,377 shares of the medical technology company’s stock after buying an additional 13,753 shares during the period. Arkadios Wealth Advisors’ holdings in Medtronic were worth $7,043,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Burkett Financial Services LLC increased its stake in shares of Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 185 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new position in shares of Medtronic during the 4th quarter worth approximately $27,000. Columbia River Financial Group LLC purchased a new position in shares of Medtronic during the 1st quarter worth approximately $28,000. Optiver Holding B.V. purchased a new position in shares of Medtronic during the 4th quarter worth approximately $31,000. Finally, Hughes Financial Services LLC purchased a new position in shares of Medtronic during the 1st quarter worth approximately $32,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. BTIG Research reaffirmed a “neutral” rating on shares of Medtronic in a research note on Friday, July 11th. Wolfe Research raised shares of Medtronic from an “underperform” rating to a “peer perform” rating in a research note on Monday, June 30th. Morgan Stanley reaffirmed an “overweight” rating and issued a $107.00 target price (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Finally, Truist Financial lowered their target price on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Eleven analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $98.19.

Medtronic Stock Performance

NYSE:MDT opened at $92.48 on Wednesday. Medtronic PLC has a 1 year low of $78.96 and a 1 year high of $96.25. The firm’s fifty day simple moving average is $87.26 and its 200 day simple moving average is $87.71. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $118.61 billion, a PE ratio of 25.55, a PEG ratio of 2.39 and a beta of 0.80.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating 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 business had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. During the same quarter last year, the company earned $1.46 earnings per share. The firm’s revenue was up 3.9% on a year-over-year basis. On average, sell-side analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were issued a dividend of $0.71 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic’s dividend payout ratio (DPR) is currently 78.45%.

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.