CHURCHILL MANAGEMENT Corp Acquires Shares of 139,656 Medtronic PLC (NYSE:MDT)

CHURCHILL MANAGEMENT Corp bought a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 139,656 shares of the medical technology company's stock, valued at approximately $12,549,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. Norges Bank bought a new stake in shares of Medtronic in the 4th quarter worth approximately $1,163,580,000. Raymond James Financial Inc. bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $852,732,000. Beutel Goodman & Co Ltd. acquired a new position in shares of Medtronic in the fourth quarter valued at $377,169,000. Invesco Ltd. lifted its position in Medtronic by 17.8% in the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after purchasing an additional 2,333,600 shares during the period. Finally, Burgundy Asset Management Ltd. acquired a new stake in Medtronic during the fourth quarter worth $174,329,000. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Finally, Truist Financial lowered their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Nine investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $97.87.

Medtronic Price Performance

NYSE MDT traded down $0.09 during trading hours on Wednesday, reaching $88.66. 2,209,883 shares of the company's stock were exchanged, compared to its average volume of 6,962,783. The firm has a fifty day moving average of $85.03 and a 200-day moving average of $86.43. Medtronic PLC has a one year low of $75.96 and a one year high of $96.25. The stock has a market cap of $113.71 billion, a PE ratio of 24.49, a price-to-earnings-growth ratio of 2.35 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

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, topping the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same quarter in the prior year, the business earned $1.46 earnings per share. The business's revenue for the quarter was up 3.9% on a year-over-year basis. On average, equities research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend is Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is 78.45%.

Medtronic Company 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.