Perpetual Ltd Purchases 30,419 Shares of Medtronic PLC (NYSE:MDT)

Perpetual Ltd lifted its position in Medtronic PLC (NYSE:MDT - Free Report) by 177.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 47,559 shares of the medical technology company's stock after purchasing an additional 30,419 shares during the quarter. Perpetual Ltd's holdings in Medtronic were worth $4,274,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in MDT. Brighton Jones LLC grew its holdings in shares of Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Lake Street Advisors Group LLC grew its holdings in shares of Medtronic by 4.5% in the 4th quarter. Lake Street Advisors Group LLC now owns 6,296 shares of the medical technology company's stock worth $507,000 after purchasing an additional 272 shares during the last quarter. Whipplewood Advisors LLC bought a new stake in shares of Medtronic in the 4th quarter worth about $120,000. New York Life Investment Management LLC grew its holdings in Medtronic by 2.3% during the 4th quarter. New York Life Investment Management LLC now owns 178,642 shares of the medical technology company's stock worth $14,270,000 after acquiring an additional 4,015 shares during the last quarter. Finally, Kovack Advisors Inc. grew its holdings in Medtronic by 9.5% during the 4th quarter. Kovack Advisors Inc. now owns 8,550 shares of the medical technology company's stock worth $683,000 after acquiring an additional 741 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

Medtronic Trading Up 0.0%

Shares of NYSE:MDT traded up $0.01 during mid-day trading on Friday, reaching $86.19. The stock had a trading volume of 10,133,590 shares, compared to its average volume of 6,964,487. The firm has a market cap of $110.54 billion, a PE ratio of 23.81, a price-to-earnings-growth ratio of 2.32 and a beta of 0.79. The firm has a 50 day simple moving average of $84.82 and a two-hundred day simple moving average of $86.35. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a twelve month low of $75.96 and a twelve month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion for 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%. Medtronic's revenue for the quarter was up 3.9% on a year-over-year basis. During the same period last year, the company posted $1.46 EPS. On average, research analysts predict 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 will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid 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 3.29%. The ex-dividend date is Friday, June 27th. Medtronic's dividend payout ratio (DPR) is currently 77.35%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MDT. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Leerink Partners began coverage on shares of Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 price objective on the stock. Mizuho decreased their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Truist Financial reduced their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $97.87.

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.