EFG Asset Management Americas Corp. Makes New Investment in Medtronic PLC (NYSE:MDT)

Key Points

• EFG Asset Management Americas Corp. has acquired a new stake in Medtronic PLC, purchasing 23,615 shares valued at approximately $2.12 million during the first quarter.
• Medtronic has reported a quarterly earnings per share (EPS) of $1.62, exceeding analysts' predictions of $1.58, and its revenue reached $8.93 billion, surpassing estimates as well.
• The company has recently increased its quarterly dividend from $0.70 to $0.71, yielding an annualized dividend of 3.10% with a payout ratio of 78.45%.

EFG Asset Management Americas Corp. purchased a new position in Medtronic PLC (NYSE:MDT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 23,615 shares of the medical technology company's stock, valued at approximately $2,122,000.

A number of other institutional investors have also recently made changes to their positions in MDT. Harbour Investments Inc. grew its holdings in shares of Medtronic by 6.0% in the first quarter. Harbour Investments Inc. now owns 11,465 shares of the medical technology company's stock worth $1,030,000 after purchasing an additional 653 shares during the last quarter. HHM Wealth Advisors LLC boosted its position in Medtronic by 18.9% during the 1st quarter. HHM Wealth Advisors LLC now owns 3,595 shares of the medical technology company's stock valued at $323,000 after buying an additional 571 shares during the period. Brentview Investment Management LLC grew its holdings in Medtronic by 5.3% in the 1st quarter. Brentview Investment Management LLC now owns 40,283 shares of the medical technology company's stock worth $3,620,000 after acquiring an additional 2,025 shares during the last quarter. MGO One Seven LLC increased its position in shares of Medtronic by 2.8% in the first quarter. MGO One Seven LLC now owns 22,843 shares of the medical technology company's stock valued at $2,053,000 after acquiring an additional 624 shares during the period. Finally, Sound View Wealth Advisors Group LLC raised its stake in shares of Medtronic by 4.4% during the first quarter. Sound View Wealth Advisors Group LLC now owns 33,091 shares of the medical technology company's stock valued at $2,974,000 after acquiring an additional 1,385 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MDT. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Royal Bank Of Canada lowered their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Citigroup boosted their target price on Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, Evercore ISI raised their price target on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Eleven analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Trading Down 1.0%

Shares of NYSE:MDT traded down $0.93 during midday trading on Friday, reaching $89.31. 6,507,377 shares of the company's stock were exchanged, compared to its average volume of 6,483,095. The firm's 50 day simple moving average is $87.76 and its two-hundred day simple moving average is $87.84. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The stock has a market cap of $114.54 billion, a price-to-earnings ratio of 24.67, a P/E/G ratio of 2.32 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 (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business's quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 earnings per share. As a group, sell-side analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were paid a $0.71 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.2%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is presently 78.45%.

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.