Jupiter Asset Management Ltd. Sells 834,826 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Jupiter Asset Management Ltd. has significantly reduced its stake in Medtronic PLC by 95.9%, selling 834,826 shares during the first quarter and retaining only 36,130 shares.
• Multiple hedge funds have increased their positions in Medtronic, with Brighton Jones LLC marking a notable increase of 1,368.0% in the fourth quarter.
• Medtronic recently announced a quarterly dividend increase to $0.71, up from $0.70, yielding an annualized dividend of $2.84 and reflecting a dividend payout ratio of 78.45%.

Jupiter Asset Management Ltd. lessened its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 95.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 36,130 shares of the medical technology company's stock after selling 834,826 shares during the quarter. Jupiter Asset Management Ltd.'s holdings in Medtronic were worth $3,247,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Commerce Bank grew its position in Medtronic by 1.7% in the 1st quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock valued at $13,118,000 after acquiring an additional 2,429 shares during the last quarter. Brighton Jones LLC grew its position in Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after acquiring an additional 37,265 shares during the last quarter. Oxford Asset Management LLP grew its position in Medtronic by 70.1% in the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock valued at $594,000 after acquiring an additional 3,068 shares during the last quarter. New Vernon Investment Management LLC grew its position in Medtronic by 304.9% in the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock valued at $2,425,000 after acquiring an additional 22,300 shares during the last quarter. Finally, Insight Inv LLC grew its position in Medtronic by 84.2% in the 1st quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock valued at $2,467,000 after acquiring an additional 12,550 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

MDT has been the topic of several research analyst reports. Truist Financial cut their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Leerink Partners initiated coverage on Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target on the stock. Evercore ISI increased their price target on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Robert W. Baird dropped their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Finally, Morgan Stanley reissued an "overweight" rating and set a $107.00 price target (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Eleven equities 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's stock. According to MarketBeat, Medtronic currently has an average rating of "Moderate Buy" and a consensus target price of $98.19.

Medtronic Price Performance

Shares of MDT stock opened at $89.31 on Monday. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25. The stock's 50-day moving average is $87.76 and its 200 day moving average is $87.85. The company has a market cap of $114.54 billion, a P/E ratio of 24.67, a PEG ratio of 2.32 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating 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 company had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. During the same period last year, the business posted $1.46 earnings per share. The firm's revenue was up 3.9% compared to the same quarter last year. Research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

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

Medtronic Company 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.

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