Medtronic PLC (NYSE:MDT) Shares Acquired by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in Medtronic PLC by 7.4%, owning approximately 1,761,625 shares valued at $158.16 million.
• Medtronic recently raised its quarterly dividend to $0.71 per share, offering an annualized dividend yield of 3.1%.
• Analysts have mixed ratings on Medtronic, with a consensus average rating of "Moderate Buy" and a price target of $98.19.

Russell Investments Group Ltd. grew its stake in Medtronic PLC (NYSE:MDT - Free Report) by 7.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,761,625 shares of the medical technology company's stock after purchasing an additional 120,623 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.14% of Medtronic worth $158,157,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MDT. Nuveen LLC acquired a new position in Medtronic during the first quarter worth about $260,649,000. Burgundy Asset Management Ltd. acquired a new position in Medtronic during the fourth quarter worth about $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Medtronic during the fourth quarter worth about $139,869,000. Mackenzie Financial Corp boosted its position in Medtronic by 220.9% during the first quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock worth $216,753,000 after acquiring an additional 1,660,357 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Medtronic by 21.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,910,161 shares of the medical technology company's stock worth $711,744,000 after acquiring an additional 1,566,776 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MDT. Royal Bank Of Canada lowered their price target on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. William Blair upgraded shares of Medtronic to a "hold" rating in a research report on Friday, July 11th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Finally, Leerink Partners began coverage on shares of Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price on the stock. Twelve research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Price Performance

Shares of MDT opened at $92.80 on Tuesday. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The firm's 50 day moving average price is $88.83 and its 200 day moving average price is $87.94. The company has a market cap of $118.95 billion, a P/E ratio of 25.63, a PEG ratio of 2.41 and a beta of 0.80. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the prior year, the firm earned $1.46 EPS. The firm'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 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is currently 78.45%.

Medtronic Company 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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