iA Global Asset Management Inc. bought a new position in Medtronic PLC (NYSE:MDT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 70,622 shares of the medical technology company's stock, valued at approximately $6,346,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Burgundy Asset Management Ltd. acquired a new position in Medtronic during the fourth quarter valued at $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Medtronic during the 4th quarter valued at about $139,869,000. Mackenzie Financial Corp lifted its holdings in shares of Medtronic by 220.9% in the 1st quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock valued at $216,753,000 after buying an additional 1,660,357 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Medtronic by 21.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,910,161 shares of the medical technology company's stock worth $711,744,000 after buying an additional 1,566,776 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Medtronic by 7.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after buying an additional 1,461,841 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.
Medtronic Price Performance
Shares of Medtronic stock traded up $1.70 during mid-day trading on Friday, reaching $92.94. 6,636,861 shares of the stock traded hands, compared to its average volume of 6,924,519. The stock has a market capitalization of $119.13 billion, a PE ratio of 25.67, a PEG ratio of 2.37 and a beta of 0.80. The business has a 50-day moving average of $88.45 and a 200 day moving average of $87.90. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week 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 posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $8.81 billion. During the same period in the prior year, the company earned $1.46 EPS. The firm's revenue was up 3.9% compared to the same quarter last year. On average, 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. Investors of record on Friday, June 27th were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.1%. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is currently 78.45%.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on MDT. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Leerink Partners began coverage on shares of Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target on the stock. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Finally, Royal Bank Of Canada decreased their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Eleven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $98.19.
Check Out Our Latest Stock Analysis on MDT
About Medtronic
(
Free Report)
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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