Medtronic PLC (NYSE:MDT) Shares Acquired by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lifted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 7.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,278,023 shares of the medical technology company's stock after purchasing an additional 1,461,841 shares during the quarter. Massachusetts Financial Services Co. MA owned about 1.74% of Medtronic worth $2,001,903,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Norges Bank purchased a new position in Medtronic in the 4th quarter worth $1,163,580,000. Beutel Goodman & Co Ltd. purchased a new position in Medtronic in the 4th quarter worth $377,169,000. Invesco Ltd. raised its stake in Medtronic by 17.8% in the 4th 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 last quarter. Burgundy Asset Management Ltd. purchased a new position in Medtronic in the 4th quarter worth $174,329,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Medtronic in the 4th quarter worth $139,869,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Analysts Set New Price Targets

MDT has been the subject of a number of research analyst reports. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Evercore ISI lifted their price objective on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. William Blair upgraded Medtronic to a "hold" rating in a research note on Friday, July 11th. Mizuho lifted their price objective on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday. Finally, Royal Bank Of Canada reduced their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. 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, Medtronic presently has a consensus rating of "Moderate Buy" and an average target price of $98.19.

Medtronic Price Performance

MDT stock traded down $1.12 during trading on Thursday, hitting $88.66. The stock had a trading volume of 2,447,477 shares, compared to its average volume of 7,030,021. 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 PLC has a twelve month low of $77.94 and a twelve month high of $96.25. The stock has a market capitalization of $113.71 billion, a P/E ratio of 24.47, a PEG ratio of 2.32 and a beta of 0.80. The company's 50-day moving average price is $86.16 and its two-hundred day moving average price is $86.99.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. Medtronic's revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.46 EPS. As a group, research analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a dividend of $0.71 per share. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.20%. The ex-dividend date was Friday, June 27th. Medtronic's payout ratio is currently 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.