Medtronic PLC (NYSE:MDT) Position Lifted by National Pension Service

Key Points

• National Pension Service raised its stake in Medtronic PLC by 6.3% during the first quarter, acquiring an additional 172,975 shares to reach a total of approximately $260.5 million in holdings.
• Medtronic recently declared a quarterly dividend of $0.71 per share, up from the previous $0.70, representing an annual yield of 3.1%.
• Analysts have mixed ratings for Medtronic, with an average rating of "Moderate Buy" and a price target of approximately $98.19 based on recent evaluations.

National Pension Service lifted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 6.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 2,899,050 shares of the medical technology company's stock after buying an additional 172,975 shares during the quarter. National Pension Service owned approximately 0.23% of Medtronic worth $260,509,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of MDT. Burkett Financial Services LLC increased its stake in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after buying an additional 185 shares during the period. Wood Tarver Financial Group LLC acquired a new position in shares of Medtronic in the fourth quarter worth about $27,000. Columbia River Financial Group LLC acquired a new position in shares of Medtronic in the first quarter worth about $28,000. Optiver Holding B.V. acquired a new stake in shares of Medtronic during the fourth quarter worth approximately $31,000. Finally, Hughes Financial Services LLC acquired a new stake in shares of Medtronic during the first quarter worth approximately $32,000. 82.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on MDT. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Leerink Partners assumed coverage on shares of Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 target price on the stock. Robert W. Baird lowered their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Finally, BTIG Research reiterated a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Twelve investment 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, Medtronic presently has an average rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Stock Down 0.7%

MDT stock opened at $92.09 on Wednesday. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $96.25. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm has a market cap of $118.04 billion, a PE ratio of 25.44, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80. The business has a 50 day moving average of $88.96 and a 200 day moving average of $87.97.

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

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders 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 yield of 3.1%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's dividend payout ratio is presently 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.

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