Edgar Lomax Co. VA Has $30.78 Million Stock Position in Medtronic PLC $MDT

Key Points

• Edgar Lomax Co. VA increased its stake in Medtronic PLC by 7.8%, now holding 342,485 shares worth approximately $30.78 million.
• As of the latest quarter, 82.06% of Medtronic's stock is owned by institutional investors and hedge funds, highlighting strong institutional interest.
• Medtronic announced a quarterly dividend of $0.71 per share, reflecting an annualized yield of 3.1% and a payout ratio of 78.45%.

Edgar Lomax Co. VA raised its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 7.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 342,485 shares of the medical technology company's stock after buying an additional 24,905 shares during the quarter. Medtronic comprises 1.9% of Edgar Lomax Co. VA's portfolio, making the stock its 20th biggest position. Edgar Lomax Co. VA's holdings in Medtronic were worth $30,776,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Burkett Financial Services LLC lifted its holdings in shares of Medtronic by 185.0% during the 1st 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 in the last quarter. Wood Tarver Financial Group LLC bought a new position in shares of Medtronic during the 4th quarter valued at about $27,000. Columbia River Financial Group LLC bought a new position in shares of Medtronic during the 1st quarter valued at about $28,000. Optiver Holding B.V. bought a new stake in Medtronic in the 4th quarter valued at approximately $31,000. Finally, Hughes Financial Services LLC bought a new stake in Medtronic in the 1st quarter valued at approximately $32,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MDT shares. Royal Bank Of Canada cut their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Leerink Partners assumed coverage on Medtronic in a research note on Monday, June 16th. They set an "outperform" rating and a $110.00 price objective on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Thursday. Wall Street Zen cut Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Twelve equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic has a consensus rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Stock Performance

Shares of Medtronic stock opened at $92.98 on Monday. The business's fifty day simple moving average is $89.32 and its 200 day simple moving average is $87.96. The firm has a market capitalization of $119.18 billion, a P/E ratio of 25.69, a price-to-earnings-growth ratio of 2.42 and a beta of 0.80. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25. 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 issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping analysts' consensus estimates 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 return on equity of 14.54% and a net margin of 13.90%. Medtronic's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period last year, the company posted $1.46 earnings per share. As a group, analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio (DPR) is currently 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.

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