Aigen Investment Management LP Has $878,000 Stock Position in Medtronic PLC (NYSE:MDT)

Key Points

• Aigen Investment Management LP significantly reduced its stake in Medtronic PLC by 86.2% in the first quarter, now holding shares worth $878,000 after selling 60,848 shares.
• Medtronic recently increased its quarterly dividend from $0.70 to $0.71 per share, representing a 3.1% dividend yield and an annualized payment of $2.84.
• Analysts have mixed ratings on Medtronic, with several lowering target prices while others maintain an "outperform" rating, resulting in an average consensus target price of $98.19.

Aigen Investment Management LP lessened its stake in Medtronic PLC (NYSE:MDT - Free Report) by 86.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,774 shares of the medical technology company's stock after selling 60,848 shares during the quarter. Aigen Investment Management LP's holdings in Medtronic were worth $878,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Burkett Financial Services LLC lifted its position in shares of Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after buying an additional 185 shares during the last quarter. Wood Tarver Financial Group LLC bought a new stake in Medtronic in the 4th quarter valued at $27,000. Columbia River Financial Group LLC acquired a new stake in Medtronic during the 1st quarter valued at $28,000. Optiver Holding B.V. bought a new position in Medtronic during the fourth quarter worth $31,000. Finally, Hughes Financial Services LLC acquired a new position in shares of Medtronic in the first quarter valued at $32,000. 82.06% of the stock is owned by institutional investors.

Medtronic Trading Down 0.1%

MDT opened at $92.80 on Tuesday. The company has a market cap of $118.95 billion, a P/E ratio of 25.63, a PEG ratio of 2.41 and a beta of 0.80. 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 company's 50 day moving average is $88.83 and its 200-day moving average is $87.94. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company's quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the business posted $1.46 earnings per share. Equities research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. Medtronic's payout ratio is 78.45%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MDT. Wall Street Zen lowered shares of Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday. Royal Bank Of Canada cut their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Morgan Stanley restated an "overweight" rating and set a $107.00 price objective (up previously from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Evercore ISI increased their target price on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, Mizuho boosted their price target on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Twelve equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $98.19.

About Medtronic

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.

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