Medtronic PLC (NYSE:MDT) Shares Bought by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Medtronic PLC by 0.5%, owning 8,041,952 shares valued at approximately $722.65 million as of the end of the most recent quarter.
• The company recently raised its quarterly dividend to $0.71, up from $0.70, reflecting a 3.1% dividend yield.
• Despite a slight decrease in price targets from some analysts, the consensus rating for Medtronic remains at "Moderate Buy" with an average price target of $98.19.

Charles Schwab Investment Management Inc. increased its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 0.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,041,952 shares of the medical technology company's stock after purchasing an additional 39,901 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.63% of Medtronic worth $722,650,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Commerce Bank raised its stake in shares of Medtronic by 1.7% during the 1st quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock worth $13,118,000 after buying an additional 2,429 shares during the last quarter. Brighton Jones LLC increased its holdings in Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after acquiring an additional 37,265 shares in the last quarter. Oxford Asset Management LLP grew its position in shares of Medtronic by 70.1% in the fourth quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock valued at $594,000 after purchasing an additional 3,068 shares during the last quarter. New Vernon Investment Management LLC increased its stake in shares of Medtronic by 304.9% during the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock worth $2,425,000 after purchasing an additional 22,300 shares in the last quarter. Finally, Insight Inv LLC raised its position in shares of Medtronic by 84.2% during the 1st quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock worth $2,467,000 after purchasing an additional 12,550 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Trading Down 1.2%

Shares of MDT stock traded down $1.15 during trading hours on Tuesday, hitting $91.59. 1,878,223 shares of the company were exchanged, compared to its average volume of 7,621,264. The firm has a market cap of $117.40 billion, a PE ratio of 25.30, a PEG ratio of 2.41 and a beta of 0.80. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25. 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 firm has a fifty day moving average of $88.83 and a 200 day moving average of $87.94.

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 for the quarter, topping the consensus estimate of $1.58 by $0.04. The business 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 revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 EPS. Analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

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

Analysts Set New Price Targets

A number of brokerages have commented on MDT. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Evercore ISI upped their target price on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, Robert W. Baird reduced their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Twelve investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price 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.