DekaBank Deutsche Girozentrale Acquires 124,161 Shares of Medtronic PLC (NYSE:MDT)

DekaBank Deutsche Girozentrale lifted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 5.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,475,926 shares of the medical technology company's stock after purchasing an additional 124,161 shares during the period. DekaBank Deutsche Girozentrale owned about 0.19% of Medtronic worth $214,237,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MDT. Burkett Financial Services LLC raised its stake in Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after acquiring an additional 185 shares during the period. Columbia River Financial Group LLC purchased a new stake in Medtronic in the first quarter worth approximately $28,000. Rakuten Securities Inc. boosted its stake in Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after buying an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $27,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $31,000. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MDT. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Royal Bank Of Canada decreased their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Robert W. Baird decreased their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Finally, Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Nine analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.00.

Medtronic Stock Up 1.1%

Shares of NYSE:MDT traded up $0.96 on Tuesday, hitting $88.63. 5,403,014 shares of the company traded hands, compared to its average volume of 6,993,201. Medtronic PLC has a 52 week low of $75.96 and a 52 week 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 stock has a 50 day simple moving average of $85.37 and a 200-day simple moving average of $86.68. The company has a market cap of $113.67 billion, a PE ratio of 24.48, a PEG ratio of 2.39 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating 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 firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same period last year, the company earned $1.46 earnings per share. The company's revenue was up 3.9% on a year-over-year basis. As a group, research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.20%. 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 (DPR) is presently 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.