Phillips Wealth Planners LLC Has $607,000 Position in Medtronic PLC (NYSE:MDT)

Phillips Wealth Planners LLC lifted its stake in shares of Medtronic PLC (NYSE:MDT) by 27.6% during the first quarter, Holdings Channel reports. The fund owned 7,323 shares of the medical technology company’s stock after buying an additional 1,586 shares during the quarter. Phillips Wealth Planners LLC’s holdings in Medtronic were worth $607,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MDT. Norges Bank acquired a new position in shares of Medtronic during the 4th quarter valued at $1,163,580,000. Raymond James Financial Inc. acquired a new position in shares of Medtronic during the 4th quarter valued at $852,732,000. Beutel Goodman & Co Ltd. bought a new stake in Medtronic during the 4th quarter valued at $377,169,000. Invesco Ltd. increased its stake in Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. Finally, Burgundy Asset Management Ltd. bought a new stake in Medtronic during the 4th quarter valued at $174,329,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Leerink Partners assumed coverage on shares of Medtronic in a research note on Monday, June 16th. They set an “outperform” rating and a $110.00 price target for the company. Robert W. Baird decreased their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Leerink Partnrs upgraded shares of Medtronic to a “strong-buy” rating in a research note on Monday, June 16th. Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. Finally, Mizuho decreased their price target on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of “Moderate Buy” and an average target price of $97.87.

Medtronic Stock Performance

NYSE MDT opened at $86.05 on Thursday. 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 firm has a market cap of $110.36 billion, a price-to-earnings ratio of 23.77, a PEG ratio of 2.32 and a beta of 0.79. The company has a fifty day moving average price of $84.67 and a 200-day moving average price of $86.29.

Medtronic (NYSE:MDT) last posted its earnings results 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 net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same quarter in the prior year, the business posted $1.46 EPS. The business’s revenue was up 3.9% compared to the same quarter last year. As a group, equities research analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors 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 represents a $2.84 annualized dividend and a yield of 3.30%. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio is presently 77.35%.

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.