AlphaCore Capital LLC Invests $529,000 in Medtronic PLC (NYSE:MDT)

AlphaCore Capital LLC acquired a new position in Medtronic PLC (NYSE:MDT) in the first quarter, Holdings Channel.com reports. The fund acquired 5,839 shares of the medical technology company’s stock, valued at approximately $529,000.

A number of other institutional investors have also recently made changes to their positions in MDT. Burkett Financial Services LLC lifted its position in 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 acquiring an additional 185 shares during the period. Wood Tarver Financial Group LLC acquired a new stake in Medtronic during the 4th quarter worth about $27,000. Columbia River Financial Group LLC acquired a new stake in Medtronic during the 1st quarter worth about $28,000. Optiver Holding B.V. acquired a new stake in Medtronic during the 4th quarter worth about $31,000. Finally, Hughes Financial Services LLC acquired a new stake in Medtronic during the 1st quarter worth about $32,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of Medtronic stock opened at $92.94 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $96.25. The business has a 50-day moving average price of $88.65 and a 200 day moving average price of $87.93. The firm has a market cap of $119.13 billion, a PE ratio of 25.67, a P/E/G ratio of 2.37 and a beta of 0.80.

Medtronic (NYSE:MDT) last announced its quarterly 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 return on equity of 14.54% and a net margin of 13.90%. The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same quarter in the previous year, the business earned $1.46 EPS. Medtronic’s revenue for the quarter was up 3.9% compared to the same quarter last year. Sell-side analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm 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. The ex-dividend date was Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.1%. This is a boost from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is presently 78.45%.

Analysts Set New Price Targets

A number of analysts have commented on MDT shares. William Blair raised Medtronic to a “hold” rating in a research report on Friday, July 11th. Robert W. Baird lowered their price target on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Citigroup lifted their price target on Medtronic from $98.00 to $99.00 and gave the stock a “buy” rating in a research report on Wednesday, July 9th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Finally, Truist Financial decreased their price objective on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Twelve research 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.19.

About Medtronic

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.