Bank of New York Mellon Corp raised its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 3.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,680,301 shares of the medical technology company's stock after purchasing an additional 756,192 shares during the quarter. Bank of New York Mellon Corp owned 1.61% of Medtronic worth $1,858,332,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Medtronic by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock valued at $9,921,367,000 after purchasing an additional 754,395 shares in the last quarter. Capital Research Global Investors boosted its holdings in Medtronic by 1.8% during 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 purchasing an additional 571,700 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Medtronic by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock worth $2,155,085,000 after acquiring an additional 574,055 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of Medtronic by 2.1% in the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock worth $1,473,278,000 after acquiring an additional 372,168 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of 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 in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.
Medtronic Stock Performance
Medtronic stock traded up $0.22 during midday trading on Friday, reaching $88.50. 2,989,470 shares of the company's stock were exchanged, compared to its average volume of 6,998,685. Medtronic PLC has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The firm has a market cap of $113.50 billion, a price-to-earnings ratio of 24.45, a P/E/G ratio of 2.39 and a beta of 0.80. The stock's 50-day simple moving average is $85.30 and its 200 day simple moving average is $86.58.
Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results 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. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. During the same quarter last year, the company posted $1.46 earnings per share. Medtronic's quarterly revenue was up 3.9% on a year-over-year basis. On average, analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.
Medtronic Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date is Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is currently 78.45%.
Wall Street Analysts Forecast Growth
Several research analysts have issued reports on the company. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Robert W. Baird reduced their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Finally, Royal Bank Of Canada reduced their target price 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. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $97.87.
Check Out Our Latest Research Report on Medtronic
About Medtronic
(
Free Report)
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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