ASR Vermogensbeheer N.V. Makes New $13.67 Million Investment in Medtronic PLC (NYSE:MDT)

Key Points

• ASR Vermogensbeheer N.V. has acquired a new stake in Medtronic PLC, purchasing 152,073 shares valued at approximately $13.7 million during the first quarter.
• Medtronic reported a quarterly earnings of $1.62 EPS, surpassing analysts' expectations, and achieved a 3.9% year-over-year revenue increase, with total revenue of $8.93 billion.
• The company announced an increase in its quarterly dividend to $0.71 per share, resulting in an annualized dividend of $2.84 and a dividend yield of 3.2%.

ASR Vermogensbeheer N.V. purchased a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 152,073 shares of the medical technology company's stock, valued at approximately $13,665,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Burkett Financial Services LLC grew its position in Medtronic by 185.0% during the 1st 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. Columbia River Financial Group LLC bought a new position in Medtronic during the 1st quarter worth approximately $28,000. Wood Tarver Financial Group LLC bought a new position in Medtronic during the 4th quarter worth approximately $27,000. Hughes Financial Services LLC bought a new position in Medtronic during the 1st quarter worth approximately $32,000. Finally, Optiver Holding B.V. bought a new position in Medtronic during the 4th quarter worth approximately $31,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Up 1.9%

Shares of MDT stock traded up $1.70 during mid-day trading on Friday, reaching $92.94. 6,636,861 shares of the company's stock traded hands, compared to its average volume of 6,924,519. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25. The company has a market cap of $119.13 billion, a P/E ratio of 25.67, a P/E/G ratio of 2.41 and a beta of 0.80. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company's 50-day moving average price is $88.65 and its 200-day moving average price is $87.93.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $8.81 billion. During the same quarter in the previous year, the business posted $1.46 EPS. The company's quarterly revenue was up 3.9% on a year-over-year basis. On average, equities analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.1%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's dividend payout ratio is presently 78.45%.

Wall Street Analysts Forecast Growth

MDT has been the topic of several recent research reports. Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday. Mizuho lifted their price objective on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Finally, Evercore ISI lifted their price objective on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Twelve research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $98.19.

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.