Lansforsakringar Fondforvaltning AB publ Acquires New Stake in Medtronic plc (NYSE:MDT)

Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of Medtronic plc (NYSE:MDT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 32,531 shares of the medical technology company's stock, valued at approximately $2,599,000.

Several other hedge funds have also recently modified their holdings of MDT. Mainstream Capital Management LLC purchased a new stake in Medtronic in the fourth quarter valued at approximately $26,000. Stephens Consulting LLC boosted its position in Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock valued at $27,000 after buying an additional 204 shares during the last quarter. Rakuten Securities Inc. boosted its position in Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after buying an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC purchased a new stake in Medtronic in the fourth quarter valued at approximately $27,000. Finally, Optiver Holding B.V. purchased a new stake in Medtronic in the fourth quarter valued at approximately $31,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Price Performance

Shares of NYSE:MDT traded up $1.84 during midday trading on Tuesday, reaching $85.58. 11,977,357 shares of the company's stock traded hands, compared to its average volume of 6,836,509. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The company has a market cap of $109.76 billion, a P/E ratio of 26.01, a PEG ratio of 2.22 and a beta of 0.81. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company has a fifty day simple moving average of $84.04 and a two-hundred day simple moving average of $86.16.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same quarter last year, the firm posted $1.46 EPS. The business's revenue was up 3.9% on a year-over-year basis. Equities analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced 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. This is a positive change 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 3.32%. Medtronic's dividend payout ratio (DPR) is 78.45%.

Analysts Set New Price Targets

Several research firms have commented on MDT. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Monday, May 19th. Robert W. Baird lowered their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Finally, Mizuho lowered their price objective on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given 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 a consensus price target of $97.00.

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.