Boston Partners Has $619.46 Million Stake in Medtronic PLC (NYSE:MDT)

Key Points

• Boston Partners increased its stake in Medtronic PLC by 122.8%, acquiring an additional 3,809,450 shares, bringing its total holdings to approximately 6.91 million shares valued at $619.46 million.
• Medtronic recently declared a quarterly dividend of $0.71, an increase from the previous $0.70, representing an annualized dividend of $2.84 with a yield of 3.1%.
• Analysts have upgraded Medtronic's rating with multiple firms raising their target prices, resulting in an average consensus price target of $98.19 and a rating of "Moderate Buy."

Boston Partners raised its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 122.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,912,055 shares of the medical technology company's stock after purchasing an additional 3,809,450 shares during the period. Boston Partners owned about 0.54% of Medtronic worth $619,460,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Medtronic by 0.7% during the first quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock valued at $11,233,780,000 after purchasing an additional 810,854 shares during the last quarter. Capital Research Global Investors increased its stake in Medtronic by 1.8% during the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock valued at $2,652,310,000 after purchasing an additional 571,700 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Medtronic by 7.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock valued at $2,001,903,000 after acquiring an additional 1,461,841 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Medtronic by 3.8% during the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock valued at $1,858,332,000 after acquiring an additional 756,192 shares during the period. Finally, Deutsche Bank AG boosted its holdings in shares of Medtronic by 3.1% during the first quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock valued at $1,708,220,000 after acquiring an additional 566,155 shares during the period. Institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on MDT shares. Wall Street Zen downgraded shares of Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Morgan Stanley reaffirmed an "overweight" rating and issued a $107.00 price objective (up previously from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. William Blair raised shares of Medtronic to a "hold" rating in a report on Friday, July 11th. Royal Bank Of Canada cut their price target on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Finally, Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a report on Friday, June 6th. 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 company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Trading Down 0.9%

NYSE MDT traded down $0.87 on Thursday, hitting $92.04. 6,848,048 shares of the company were exchanged, compared to its average volume of 6,449,505. The company's 50 day moving average price is $89.21 and its 200-day moving average price is $88.00. 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 capitalization of $117.98 billion, a P/E ratio of 25.42, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last posted 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 firm had revenue of $8.93 billion for 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 for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.46 EPS. Analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

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

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.