Handelsbanken Fonder AB Has $52.56 Million Stake in Medtronic plc (NYSE:MDT)

Handelsbanken Fonder AB reduced its holdings in Medtronic plc (NYSE:MDT - Free Report) by 3.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 584,849 shares of the medical technology company's stock after selling 20,745 shares during the quarter. Handelsbanken Fonder AB's holdings in Medtronic were worth $52,555,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. MONECO Advisors LLC grew its holdings in shares of Medtronic by 1.8% during the fourth quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company's stock worth $512,000 after buying an additional 115 shares in the last quarter. Faithward Advisors LLC grew its holdings in shares of Medtronic by 2.7% during the fourth quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock worth $403,000 after buying an additional 134 shares in the last quarter. Vestor Capital LLC boosted its position in Medtronic by 0.3% during the fourth quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company's stock valued at $4,104,000 after purchasing an additional 138 shares during the last quarter. L. Roy Papp & Associates LLP boosted its position in Medtronic by 2.8% during the first quarter. L. Roy Papp & Associates LLP now owns 5,099 shares of the medical technology company's stock valued at $458,000 after purchasing an additional 138 shares during the last quarter. Finally, Retirement Planning Co of New England Inc. boosted its position in Medtronic by 4.9% during the fourth quarter. Retirement Planning Co of New England Inc. now owns 2,989 shares of the medical technology company's stock valued at $239,000 after purchasing an additional 139 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

Shares of NYSE MDT traded up $0.05 during trading hours on Wednesday, reaching $88.01. 4,643,169 shares of the stock were exchanged, compared to its average volume of 6,871,732. The firm has a market capitalization of $112.88 billion, a price-to-earnings ratio of 26.75, a P/E/G ratio of 2.22 and a beta of 0.79. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The stock's fifty day simple moving average is $83.89 and its 200 day simple moving average is $86.22.

Medtronic (NYSE:MDT - Get Free Report) last posted 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 14.07% and a net margin of 12.83%. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same quarter last year, the company earned $1.46 EPS. The company's revenue was up 3.9% on a year-over-year basis. Sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is 78.45%.

Analyst Ratings Changes

MDT has been the subject of several recent research reports. Mizuho reduced their price target on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Wall Street Zen cut Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Robert W. Baird cut their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. UBS Group raised their price objective on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Finally, Truist Financial cut their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $97.00.

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.