Deutsche Bank AG Purchases 566,155 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Deutsche Bank AG increased its stake in Medtronic PLC by 3.1%, owning 19,009,795 shares, making it the firm's 19th largest holding.
• Medtronic reported a quarterly EPS of $1.62, exceeding estimates, with revenue up 3.9% year-over-year.
• The company recently raised its quarterly dividend to $0.71, reflecting a 3.2% yield and an annualized total of $2.84.

Deutsche Bank AG lifted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 3.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,009,795 shares of the medical technology company's stock after purchasing an additional 566,155 shares during the quarter. Medtronic accounts for 0.7% of Deutsche Bank AG's portfolio, making the stock its 19th largest position. Deutsche Bank AG owned approximately 1.48% of Medtronic worth $1,708,220,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Burkett Financial Services LLC raised its position in shares of Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares during the period. Wood Tarver Financial Group LLC acquired a new position in shares of Medtronic in the 4th quarter worth approximately $27,000. Columbia River Financial Group LLC bought a new stake in Medtronic during the 1st quarter valued at $28,000. Optiver Holding B.V. bought a new stake in shares of Medtronic in the 4th quarter worth $31,000. Finally, Hughes Financial Services LLC purchased a new position in shares of Medtronic in the 1st quarter worth about $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MDT shares. Royal Bank Of Canada decreased their price objective 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. Evercore ISI raised their price objective on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Leerink Partners assumed coverage on Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. Finally, BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Twelve investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

Medtronic Stock Performance

Shares of NYSE:MDT traded down $0.07 during trading on Monday, hitting $92.81. 2,099,134 shares of the company traded hands, compared to its average volume of 7,628,042. The stock has a market capitalization of $118.97 billion, a price-to-earnings ratio of 25.64, a PEG ratio of 2.41 and a beta of 0.80. The business's fifty day moving average is $88.65 and its 200-day moving average is $87.92. Medtronic PLC has a one year low of $79.29 and a one 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.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data 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 the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company's quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.46 EPS. As a group, equities analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

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