Ferguson Wellman Capital Management Inc. Increases Holdings in Medtronic plc (NYSE:MDT)

Ferguson Wellman Capital Management Inc. lifted its holdings in Medtronic plc (NYSE:MDT) by 7.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 110,113 shares of the medical technology company’s stock after purchasing an additional 7,309 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Medtronic were worth $9,895,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MDT. MONECO Advisors LLC raised its stake in Medtronic by 1.8% during the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock worth $512,000 after acquiring an additional 115 shares during the period. Faithward Advisors LLC raised its stake in Medtronic by 2.7% during the fourth quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company’s stock valued at $403,000 after purchasing an additional 134 shares in the last quarter. Vestor Capital LLC lifted its holdings in shares of Medtronic by 0.3% in the 4th quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company’s stock valued at $4,104,000 after acquiring an additional 138 shares during the last quarter. L. Roy Papp & Associates LLP lifted its stake in shares of Medtronic by 2.8% in the 1st quarter. L. Roy Papp & Associates LLP now owns 5,099 shares of the medical technology company’s stock valued at $458,000 after purchasing an additional 138 shares during the last quarter. Finally, Retirement Planning Co of New England Inc. raised its stake in shares of Medtronic by 4.9% in the fourth quarter. Retirement Planning Co of New England Inc. now owns 2,989 shares of the medical technology company’s stock valued at $239,000 after acquiring an additional 139 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Up 0.1%

Shares of Medtronic stock opened at $88.01 on Thursday. The company has a market cap of $112.88 billion, a P/E ratio of 26.75, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The firm has a 50-day simple moving average of $83.99 and a two-hundred day simple moving average of $86.23.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 earnings per share. As a group, equities analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a $0.71 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.23%. The ex-dividend date is Friday, June 27th. Medtronic’s dividend payout ratio is currently 78.45%.

Analysts Set New Price Targets

A number of research firms have weighed in on MDT. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Truist Financial cut their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Robert W. Baird reduced their price target on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Wall Street Zen downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Finally, Mizuho cut their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $97.00.

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.