Mediolanum International Funds Ltd Has $20.80 Million Stake in Medtronic PLC (NYSE:MDT)

Key Points

• Mediolanum International Funds Ltd reduced its holdings in Medtronic PLC by 2.0%, owning 237,345 shares worth approximately $20.8 million after selling 4,774 shares in the first quarter.
• Other institutional investors, including Dunhill Financial LLC and Cidel Asset Management Inc., have increased their positions in Medtronic, reflecting ongoing interest in the company.
• Medtronic recently announced a quarterly dividend increase to $0.71 per share, indicating a 3.06% dividend yield and an annualized payout of $2.84.

Mediolanum International Funds Ltd trimmed its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 2.0% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 237,345 shares of the medical technology company's stock after selling 4,774 shares during the period. Mediolanum International Funds Ltd's holdings in Medtronic were worth $20,799,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the company. Capital Research Global Investors raised its stake in shares of Medtronic by 1.8% in the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock valued at $2,652,310,000 after acquiring an additional 571,700 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Medtronic by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock valued at $2,155,085,000 after acquiring an additional 574,055 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Medtronic by 7.0% in the first 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 acquiring an additional 1,461,841 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Medtronic by 3.8% in the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock valued at $1,858,332,000 after acquiring an additional 756,192 shares in the last quarter. Finally, Deutsche Bank AG raised its stake in shares of Medtronic by 2.1% in the fourth quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock valued at $1,473,278,000 after acquiring an additional 372,168 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on MDT shares. Citigroup increased their target price on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Evercore ISI lifted their price objective on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Mizuho lifted their target price on shares of Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Finally, Royal Bank Of Canada lowered their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Eleven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

Medtronic Price Performance

MDT stock traded down $0.30 on Wednesday, hitting $92.14. 2,339,006 shares of the company's stock traded hands, compared to its average volume of 7,676,105. The stock has a market cap of $118.17 billion, a price-to-earnings ratio of 25.46, a P/E/G ratio of 2.39 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The stock has a fifty day moving average of $87.26 and a 200-day moving average of $87.71. Medtronic PLC has a 1-year low of $78.96 and a 1-year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm's revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period last year, the firm earned $1.46 EPS. On average, analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm 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 boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.08%. Medtronic's payout ratio is currently 78.45%.

About Medtronic

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.