Medtronic PLC (NYSE:MDT) Shares Bought by Bessemer Group Inc.

Bessemer Group Inc. lifted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 55.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,037,147 shares of the medical technology company's stock after purchasing an additional 371,539 shares during the quarter. Bessemer Group Inc. owned about 0.08% of Medtronic worth $93,199,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Burkett Financial Services LLC increased its stake in shares of Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after acquiring an additional 185 shares during the last quarter. Mainstream Capital Management LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at about $26,000. Rakuten Securities Inc. increased its position in Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after purchasing an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC purchased a new position in Medtronic during the fourth quarter worth about $27,000. Finally, Optiver Holding B.V. acquired a new position in Medtronic in the 4th quarter valued at about $31,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Up 0.5%

Shares of NYSE MDT traded up $0.44 during midday trading on Thursday, hitting $86.41. The company's stock had a trading volume of 10,821,631 shares, compared to its average volume of 6,959,052. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The firm has a market capitalization of $110.83 billion, a price-to-earnings ratio of 23.87, a price-to-earnings-growth ratio of 2.32 and a beta of 0.79. The business's fifty day simple moving average is $84.67 and its two-hundred day simple moving average is $86.29. Medtronic PLC has a 1 year low of $75.96 and a 1 year high of $96.25.

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

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.29%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is currently 77.35%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MDT. Robert W. Baird cut their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Mizuho lowered their price objective on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Finally, Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus 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.