Hennion & Walsh Asset Management Inc. Grows Stock Position in Medtronic plc (NYSE:MDT)

Hennion & Walsh Asset Management Inc. increased its holdings in shares of Medtronic plc (NYSE:MDT) by 128.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,013 shares of the medical technology company’s stock after acquiring an additional 4,507 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Medtronic were worth $720,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Empowered Funds LLC boosted its holdings in Medtronic by 2.7% in the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company’s stock worth $8,453,000 after buying an additional 2,778 shares during the last quarter. Equitable Trust Co. boosted its holdings in Medtronic by 91.7% in the 4th quarter. Equitable Trust Co. now owns 39,645 shares of the medical technology company’s stock worth $3,167,000 after buying an additional 18,968 shares during the last quarter. TCTC Holdings LLC boosted its holdings in Medtronic by 3.4% in the 4th quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company’s stock worth $3,173,000 after buying an additional 1,301 shares during the last quarter. Brighton Jones LLC boosted its holdings in Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock worth $3,194,000 after buying an additional 37,265 shares during the last quarter. Finally, Oxford Asset Management LLP boosted its holdings in Medtronic by 70.1% in the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company’s stock worth $594,000 after buying an additional 3,068 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Wall Street Zen cut Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Truist Financial reduced their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Royal Bank of Canada reduced their price target on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Robert W. Baird reduced their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday. Nine research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $97.00.

Medtronic Stock Up 0.4%

Shares of NYSE MDT opened at $87.38 on Friday. The firm has a market cap of $112.07 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 2.22 and a beta of 0.79. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. The business’s 50 day moving average is $83.92 and its two-hundred day moving average is $86.18.

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

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders 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. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.25%. Medtronic’s payout ratio is 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.