Federated Hermes Inc. Buys 76,776 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Federated Hermes Inc. increased its holdings in Medtronic PLC by 26.9% in the first quarter, owning 362,447 shares valued at approximately $32.57 million.
• Medtronic announced a recent dividend increase to $0.71 per share, reflecting a 3.10% yield and a payout ratio of 78.45%.
• Analysts generally maintain a positive outlook for Medtronic, with an average consensus rating of "Moderate Buy" and a price target of $98.19.

Federated Hermes Inc. lifted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 26.9% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 362,447 shares of the medical technology company's stock after purchasing an additional 76,776 shares during the quarter. Federated Hermes Inc.'s holdings in Medtronic were worth $32,569,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Burkett Financial Services LLC boosted its holdings in Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after acquiring an additional 185 shares during the period. Columbia River Financial Group LLC bought a new stake in shares of Medtronic in the first quarter worth $28,000. Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic in the fourth quarter worth $27,000. Hughes Financial Services LLC acquired a new stake in shares of Medtronic during the 1st quarter valued at approximately $32,000. Finally, Optiver Holding B.V. acquired a new stake in shares of Medtronic during the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Down 1.0%

NYSE MDT traded down $0.93 during 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. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The firm has a market capitalization of $114.54 billion, a PE ratio of 24.67, a P/E/G ratio of 2.32 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The company's fifty day simple moving average is $87.76 and its 200-day simple moving average is $87.82.

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, topping analysts' consensus estimates 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 analyst estimates of $8.81 billion. During the same period last year, the company posted $1.46 EPS. The business's quarterly revenue was up 3.9% compared to the same quarter last year. Sell-side analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently disclosed 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. This represents a $2.84 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is 78.45%.

Wall Street Analysts Forecast Growth

MDT has been the topic of several research reports. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Evercore ISI increased their target price on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Citigroup raised their price target on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. William Blair raised Medtronic to a "hold" rating in a report on Friday, July 11th. Finally, BTIG Research reissued a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Eleven research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $98.19.

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.