HM Payson & Co. Buys 1,177 Shares of Medtronic PLC (NYSE:MDT)

HM Payson & Co. increased its stake in Medtronic PLC (NYSE:MDT) by 8.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,522 shares of the medical technology company’s stock after acquiring an additional 1,177 shares during the period. HM Payson & Co.’s holdings in Medtronic were worth $1,305,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC increased its stake in shares of Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after buying an additional 37,265 shares during the period. Proficio Capital Partners LLC bought a new position in shares of Medtronic during the fourth quarter valued at approximately $13,132,000. Vestmark Advisory Solutions Inc. raised its holdings in shares of Medtronic by 33.1% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 4,408 shares of the medical technology company’s stock valued at $352,000 after acquiring an additional 1,095 shares in the last quarter. E Fund Management Co. Ltd. raised its holdings in shares of Medtronic by 81.5% during the fourth quarter. E Fund Management Co. Ltd. now owns 7,132 shares of the medical technology company’s stock valued at $570,000 after acquiring an additional 3,202 shares in the last quarter. Finally, Callan Family Office LLC raised its holdings in shares of Medtronic by 348.0% during the fourth quarter. Callan Family Office LLC now owns 16,678 shares of the medical technology company’s stock valued at $1,332,000 after acquiring an additional 12,955 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on MDT shares. Royal Bank Of Canada decreased their target price on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. Leerink Partners initiated coverage on Medtronic in a report on Monday, June 16th. They set an “outperform” rating and a $110.00 target price for the company. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, June 6th. 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. Finally, Leerink Partnrs upgraded Medtronic to a “strong-buy” rating in a report on Monday, June 16th. Nine investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $97.87.

Medtronic Price Performance

Shares of NYSE:MDT opened at $88.50 on Friday. Medtronic PLC has a 1-year low of $75.96 and a 1-year high of $96.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The business has a fifty day moving average price of $85.30 and a 200-day moving average price of $86.58. The company has a market capitalization of $113.50 billion, a PE ratio of 24.45, a PEG ratio of 2.39 and a beta of 0.80.

Medtronic (NYSE:MDT) last issued 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 the consensus estimate of $8.81 billion. During the same period last year, the company earned $1.46 earnings per share. The company’s revenue was up 3.9% on a year-over-year basis. As a group, equities analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed 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 represents a $2.84 annualized dividend and a yield of 3.21%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. 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.