Burgundy Asset Management Ltd. Purchases Shares of 2,182,380 Medtronic plc (NYSE:MDT)

Burgundy Asset Management Ltd. purchased a new stake in Medtronic plc (NYSE:MDT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,182,380 shares of the medical technology company's stock, valued at approximately $174,329,000. Medtronic comprises 1.8% of Burgundy Asset Management Ltd.'s holdings, making the stock its 18th largest position. Burgundy Asset Management Ltd. owned approximately 0.17% of Medtronic as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of MDT. Olstein Capital Management L.P. increased its position in Medtronic by 8.0% during the fourth quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company's stock worth $7,509,000 after acquiring an additional 7,000 shares during the period. Empowered Funds LLC grew its position in shares of Medtronic by 2.7% during the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company's stock worth $8,453,000 after purchasing an additional 2,778 shares in the last quarter. Caprock Group LLC increased its holdings in shares of Medtronic by 12.6% during the fourth quarter. Caprock Group LLC now owns 47,767 shares of the medical technology company's stock worth $3,849,000 after purchasing an additional 5,363 shares during the period. Synergy Asset Management LLC raised its position in shares of Medtronic by 107.1% in the fourth quarter. Synergy Asset Management LLC now owns 227,802 shares of the medical technology company's stock valued at $19,353,000 after buying an additional 117,809 shares in the last quarter. Finally, Equitable Trust Co. boosted its stake in shares of Medtronic by 91.7% in the fourth quarter. Equitable Trust Co. now owns 39,645 shares of the medical technology company's stock valued at $3,167,000 after buying an additional 18,968 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday. Truist Financial decreased their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 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. UBS Group increased their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Finally, Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, nine have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $96.07.

Medtronic Price Performance

Shares of MDT traded up $0.62 during trading hours on Wednesday, reaching $81.80. The stock had a trading volume of 2,908,088 shares, compared to its average volume of 7,624,105. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The stock has a market capitalization of $104.91 billion, a PE ratio of 24.85, a PEG ratio of 2.22 and a beta of 0.81. The company's 50-day moving average is $84.64 and its two-hundred day moving average is $86.31.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same period in the previous year, the business posted $1.46 earnings per share. The business's quarterly revenue was up 3.9% compared to the same quarter last year. Research analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a $0.71 dividend. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio is 78.45%.

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.