Korea Investment CORP Purchases 221,568 Shares of Medtronic PLC $MDT

Key Points

• Korea Investment CORP has increased its stake in Medtronic PLC by 24.1%, acquiring an additional 221,568 shares, totaling 1,141,565 shares, valued at approximately $102.6 million.
• Medtronic reported earnings of $1.62 per share for the last quarter, surpassing analyst expectations of $1.58, with revenues of $8.93 billion.
• The company will pay a quarterly dividend of $0.71 on October 17th, reflecting an annualized yield of 3.1% and a payout ratio of 78.45%.

Korea Investment CORP increased its position in Medtronic PLC (NYSE:MDT - Free Report) by 24.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,141,565 shares of the medical technology company's stock after buying an additional 221,568 shares during the quarter. Korea Investment CORP owned 0.09% of Medtronic worth $102,581,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC lifted its position in Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after purchasing an additional 37,265 shares during the last quarter. First Trust Advisors LP lifted its position in Medtronic by 1.3% in the fourth quarter. First Trust Advisors LP now owns 954,771 shares of the medical technology company's stock valued at $76,267,000 after purchasing an additional 12,706 shares during the last quarter. Ossiam lifted its position in Medtronic by 0.8% in the fourth quarter. Ossiam now owns 33,569 shares of the medical technology company's stock valued at $2,681,000 after purchasing an additional 253 shares during the last quarter. Norinchukin Bank The lifted its position in Medtronic by 9.3% in the fourth quarter. Norinchukin Bank The now owns 57,779 shares of the medical technology company's stock valued at $4,615,000 after purchasing an additional 4,899 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its position in Medtronic by 1.8% in the fourth quarter. MetLife Investment Management LLC now owns 339,472 shares of the medical technology company's stock valued at $27,117,000 after purchasing an additional 5,939 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

Medtronic Trading Up 1.1%

Shares of Medtronic stock opened at $92.98 on Monday. The firm has a market capitalization of $119.18 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 2.42 and a beta of 0.80. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The stock has a 50 day moving average of $89.32 and a 200 day moving average of $87.96.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping 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 company had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same period in the prior year, the business posted $1.46 earnings per share. The firm's revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be issued a $0.71 dividend. The ex-dividend date is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a yield of 3.1%. Medtronic's dividend payout ratio (DPR) is 78.45%.

Analysts Set New Price Targets

Several research firms have recently issued reports on MDT. Robert W. Baird reduced their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Mizuho boosted their target price on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Leerink Partners began coverage on Medtronic in a research note on Monday, June 16th. They set an "outperform" rating and a $110.00 target price on the stock. Evercore ISI boosted their target price on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, William Blair raised Medtronic to a "hold" rating in a research note on Friday, July 11th. Twelve research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $98.19.

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.

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