Burgundy Asset Management Ltd. Makes New Investment in Medtronic plc (NYSE:MDT)

Burgundy Asset Management Ltd. bought a new position in shares of Medtronic plc (NYSE:MDT - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 2,182,380 shares of the medical technology company's stock, valued at approximately $174,329,000. Medtronic makes up approximately 1.8% of Burgundy Asset Management Ltd.'s investment portfolio, making the stock its 18th biggest position. Burgundy Asset Management Ltd. owned approximately 0.17% of Medtronic at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Mainstream Capital Management LLC bought a new stake in Medtronic during the 4th quarter worth about $26,000. Rakuten Securities Inc. grew its holdings in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after acquiring an additional 294 shares during the last quarter. Stephens Consulting LLC boosted its stake in shares of Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 204 shares during the last quarter. Optiver Holding B.V. bought a new position in shares of Medtronic in the 4th quarter valued at about $31,000. Finally, McIlrath & Eck LLC boosted its stake in shares of Medtronic by 72.3% in the 4th quarter. McIlrath & Eck LLC now owns 410 shares of the medical technology company's stock valued at $33,000 after purchasing an additional 172 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MDT shares. Truist Financial reduced their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note 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 on the stock in a research report on Thursday, May 22nd. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Monday, May 19th. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and lifted their price target for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Finally, Wall Street Zen lowered shares of Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Medtronic has an average rating of "Hold" and a consensus target price of $96.07.

Medtronic Stock Performance

Shares of MDT stock traded up $0.46 on Tuesday, hitting $81.14. The company's stock had a trading volume of 8,291,627 shares, compared to its average volume of 6,817,710. 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 stock's 50 day moving average is $84.84 and its 200-day moving average is $86.35. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a market capitalization of $104.07 billion, a PE ratio of 24.66, a PEG ratio of 2.22 and a beta of 0.81.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 12.83% and a return on equity of 14.07%. The business's revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.46 earnings per share. Equities research analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.50%. This is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio is presently 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.