Mackenzie Financial Corp Raises Stock Position in Medtronic PLC (NYSE:MDT)

Key Points

• Mackenzie Financial Corp increased its stake in Medtronic PLC by 220.9% during the 1st quarter, acquiring approximately 2.4 million shares valued at around $216.75 million.
• Medtronic recently reported a quarterly earnings per share of $1.62, exceeding analysts' expectations and showing a 3.9% revenue increase compared to the previous year.
• The company has announced a quarterly dividend increase, now at $0.71, reflecting a dividend yield of 3.06%.

Mackenzie Financial Corp lifted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 220.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,412,115 shares of the medical technology company's stock after acquiring an additional 1,660,357 shares during the quarter. Mackenzie Financial Corp owned 0.19% of Medtronic worth $216,753,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Invesco Ltd. grew its holdings in Medtronic by 17.8% during the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after acquiring an additional 2,333,600 shares during the period. Burgundy Asset Management Ltd. acquired a new stake in shares of Medtronic during the 4th quarter worth approximately $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Medtronic during the 4th quarter valued at approximately $139,869,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Medtronic by 21.3% in the 4th 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 valued at $711,744,000 after purchasing an additional 1,566,776 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Medtronic by 7.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock valued at $2,001,903,000 after purchasing an additional 1,461,841 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Trading Down 1.0%

Shares of MDT stock traded down $0.87 during trading on Thursday, hitting $90.77. 3,122,402 shares of the stock traded hands, compared to its average volume of 7,664,535. Medtronic PLC has a 52-week low of $78.96 and a 52-week high of $96.25. The firm has a market capitalization of $116.41 billion, a P/E ratio of 25.05, a price-to-earnings-growth ratio of 2.40 and a beta of 0.80. The firm's fifty day moving average price is $87.41 and its 200-day moving average price is $87.74. 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 posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) 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 analysts' expectations of $8.81 billion. During the same quarter last year, the firm earned $1.46 earnings per share. The firm's quarterly revenue was up 3.9% compared to the same quarter last year. As a group, research analysts forecast 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. Stockholders of record on Friday, June 27th were given a dividend of $0.71 per share. 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 3.13%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

Wall Street Analyst Weigh In

MDT has been the subject of several recent analyst reports. Citigroup lifted their price target on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Mizuho increased their price objective on shares of Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. BTIG Research reissued a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Evercore ISI upped their price target on shares of Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Finally, Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Eleven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Medtronic presently has an average rating of "Moderate Buy" and an average target price of $98.19.

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.