Invesco Ltd. Buys 1,535,308 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Invesco Ltd. has increased its holdings in Medtronic PLC by 9.9%, purchasing an additional 1,535,308 shares, bringing its total ownership to approximately $1.53 billion.
• Analysts have set varying price targets for Medtronic, with Morgan Stanley increasing its target to $107.00, while the average price target stands at $98.19.
• Medtronic recently declared a quarterly dividend of $0.71 per share, marking an increase from the previous $0.70, representing an annualized yield of 3.1%.

Invesco Ltd. raised its stake in Medtronic PLC (NYSE:MDT - Free Report) by 9.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,980,592 shares of the medical technology company's stock after acquiring an additional 1,535,308 shares during the period. Invesco Ltd. owned about 1.32% of Medtronic worth $1,525,876,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Burkett Financial Services LLC raised its holdings in shares of Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after buying an additional 185 shares during the last quarter. Columbia River Financial Group LLC acquired a new position in shares of Medtronic during the first quarter valued at $28,000. Wood Tarver Financial Group LLC acquired a new position in shares of Medtronic during the fourth quarter valued at $27,000. Hughes Financial Services LLC acquired a new position in shares of Medtronic during the first quarter valued at $32,000. Finally, Optiver Holding B.V. acquired a new position in shares of Medtronic during the fourth quarter valued at $31,000. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Morgan Stanley reissued an "overweight" rating and issued a $107.00 target price (up previously from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. BTIG Research reissued a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. 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. Finally, Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Twelve investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $98.19.

Medtronic Stock Performance

Shares of NYSE MDT traded up $0.38 during midday trading on Wednesday, hitting $92.46. 509,575 shares of the company's stock were exchanged, compared to its average volume of 7,597,633. The company's 50 day moving average price is $88.96 and its 200 day moving average price is $87.97. The firm has a market capitalization of $118.51 billion, a PE ratio of 25.57, a price-to-earnings-growth ratio of 2.41 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 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 released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm's quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.46 EPS. As a group, analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were paid a $0.71 dividend. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date was Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.1%. Medtronic's dividend payout ratio is presently 78.45%.

Medtronic 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.