Kingswood Wealth Advisors LLC Reduces Position in Medtronic PLC (NYSE:MDT)

Kingswood Wealth Advisors LLC trimmed its holdings in shares of Medtronic PLC (NYSE:MDT) by 2.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,962 shares of the medical technology company’s stock after selling 128 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Medtronic were worth $536,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mainstream Capital Management LLC purchased a new stake in shares of Medtronic during the fourth quarter worth about $26,000. Burkett Financial Services LLC increased its position in shares of Medtronic by 185.0% during the first 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 last quarter. Rakuten Securities Inc. increased its position in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic during the fourth quarter worth about $27,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic during the fourth quarter worth about $31,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of NYSE MDT opened at $86.30 on Friday. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The stock has a 50 day simple moving average of $84.49 and a 200-day simple moving average of $86.26. The company has a market cap of $110.68 billion, a PE ratio of 23.84, a P/E/G ratio of 2.31 and a beta of 0.79. 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. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business’s revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.46 earnings per share. On average, equities research analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This is an increase from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.29%. Medtronic’s payout ratio is currently 77.35%.

Wall Street Analyst Weigh In

MDT has been the subject of several research analyst reports. Leerink Partners initiated coverage on Medtronic in a report on Monday, June 16th. They issued an “outperform” rating and a $110.00 price objective for the company. Leerink Partnrs raised Medtronic to a “strong-buy” rating in a report on Monday, June 16th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Finally, Truist Financial lowered 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. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of “Moderate Buy” and an average price target of $97.87.

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.