Columbus Macro LLC Purchases Shares of 58,549 Medtronic plc (NYSE:MDT)

Columbus Macro LLC bought a new position in Medtronic plc (NYSE:MDT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 58,549 shares of the medical technology company's stock, valued at approximately $5,261,000.

Several other large investors have also made changes to their positions in MDT. Norges Bank bought a new stake in shares of Medtronic in the 4th quarter worth about $1,163,580,000. Raymond James Financial Inc. acquired a new position in Medtronic during the 4th quarter worth about $852,732,000. Beutel Goodman & Co Ltd. acquired a new position in Medtronic during the 4th quarter worth about $377,169,000. Invesco Ltd. lifted its position in Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after buying an additional 2,333,600 shares in the last quarter. Finally, Burgundy Asset Management Ltd. acquired a new position in Medtronic during the 4th quarter worth about $174,329,000. Institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of MDT stock opened at $87.19 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The stock has a market cap of $111.83 billion, a PE ratio of 26.50, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The stock has a 50-day moving average of $84.21 and a 200-day moving average of $86.26. Medtronic plc has a one year low of $75.96 and a one year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. Medtronic's revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 EPS. As a group, sell-side 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 will be paid on Friday, July 11th. Investors 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 3.26%. This is a boost 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%.

Analysts Set New Price Targets

Several brokerages recently issued reports on MDT. Royal Bank of Canada reduced 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. Mizuho reduced their price target on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Robert W. Baird cut their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Truist Financial cut their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Finally, Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and upped their target price for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus target price of $97.00.

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.

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