GPS Wealth Strategies Group LLC Reduces Position in Medtronic plc (NYSE:MDT)

GPS Wealth Strategies Group LLC trimmed its holdings in Medtronic plc (NYSE:MDT) by 42.1% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 4,348 shares of the medical technology company’s stock after selling 3,161 shares during the period. GPS Wealth Strategies Group LLC’s holdings in Medtronic were worth $391,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Fifth Third Bancorp boosted its stake in shares of Medtronic by 3.8% in the 1st quarter. Fifth Third Bancorp now owns 198,673 shares of the medical technology company’s stock worth $17,853,000 after buying an additional 7,205 shares during the last quarter. Simon Quick Advisors LLC boosted its position in Medtronic by 51.2% in the first quarter. Simon Quick Advisors LLC now owns 7,801 shares of the medical technology company’s stock worth $701,000 after purchasing an additional 2,641 shares during the last quarter. Zhang Financial LLC bought a new position in shares of Medtronic in the 1st quarter worth approximately $2,208,000. Flywheel Private Wealth LLC purchased a new position in shares of Medtronic in the first quarter worth approximately $210,000. Finally, McKinley Carter Wealth Services Inc. grew its position in Medtronic by 4.7% during the first quarter. McKinley Carter Wealth Services Inc. now owns 20,599 shares of the medical technology company’s stock valued at $1,851,000 after buying an additional 922 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

MDT has been the subject of several analyst reports. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Truist Financial dropped their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Wall Street Zen lowered Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. Royal Bank of Canada lowered their price objective on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Finally, Mizuho dropped their price objective on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Moderate Buy” and an average price target of $97.00.

Medtronic Price Performance

Shares of Medtronic stock opened at $88.47 on Friday. The firm has a market cap of $113.47 billion, a PE ratio of 26.89, a PEG ratio of 2.22 and a beta of 0.79. The stock has a 50 day moving average of $84.10 and a 200 day moving average of $86.25. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25.

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

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.71 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.21%. Medtronic’s dividend payout ratio (DPR) is presently 78.45%.

Medtronic Company 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.