Oppenheimer Asset Management Inc. boosted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 11.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 549,069 shares of the medical technology company's stock after buying an additional 57,203 shares during the period. Medtronic accounts for 0.6% of Oppenheimer Asset Management Inc.'s portfolio, making the stock its 27th biggest holding. Oppenheimer Asset Management Inc.'s holdings in Medtronic were worth $49,339,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also recently bought and sold shares of MDT. Norges Bank bought a new position in shares of Medtronic in the fourth quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. acquired a new stake in Medtronic in the fourth quarter worth approximately $852,732,000. Beutel Goodman & Co Ltd. bought a new position in Medtronic during the 4th quarter valued at $377,169,000. Invesco Ltd. increased its position in shares of Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after purchasing an additional 2,333,600 shares during the period. Finally, Burgundy Asset Management Ltd. bought a new stake in shares of Medtronic in the 4th quarter worth $174,329,000. Institutional investors and hedge funds own 82.06% of the company's stock.
Analysts Set New Price Targets
MDT has been the subject of several research reports. Leerink Partners started coverage on Medtronic in a research note on Monday, June 16th. They set an "outperform" rating and a $110.00 target price for the company. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. 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 report on Thursday, May 22nd. Finally, Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $97.87.
View Our Latest Stock Report on Medtronic
Medtronic Stock Up 0.5%
NYSE:MDT traded up $0.44 on Thursday, hitting $86.41. 10,821,631 shares of the company's stock traded hands, compared to its average volume of 6,963,939. 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 1 year low of $75.96 and a 1 year high of $96.25. The firm has a 50-day moving average price of $84.74 and a 200-day moving average price of $86.31. The company has a market cap of $110.83 billion, a PE ratio of 23.87, a price-to-earnings-growth ratio of 2.32 and a beta of 0.79.
Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The firm 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%. The firm's revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.46 earnings per share. Equities analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.
Medtronic Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a $0.71 dividend. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.29%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is 77.35%.
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.
See Also
Before you consider Medtronic, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Medtronic wasn't on the list.
While Medtronic currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
