GAMMA Investing LLC Boosts Holdings in Medtronic PLC (NYSE:MDT)

GAMMA Investing LLC boosted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 41.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,882 shares of the medical technology company's stock after buying an additional 4,626 shares during the period. GAMMA Investing LLC's holdings in Medtronic were worth $1,427,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Medtronic by 0.6% during the 4th 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 during the last quarter. Capital Research Global Investors grew its position 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 buying an additional 571,700 shares during the period. Geode Capital Management LLC increased its holdings in Medtronic by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock worth $2,155,085,000 after buying an additional 574,055 shares during the last quarter. Deutsche Bank AG raised its position in Medtronic by 2.1% in the fourth 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 during the period. Finally, Invesco Ltd. boosted its stake in Medtronic by 17.8% in the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after acquiring an additional 2,333,600 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Up 1.4%

NYSE:MDT traded up $1.20 during midday trading on Monday, reaching $87.22. 527,070 shares of the stock traded hands, compared to its average volume of 7,787,310. The business has a 50-day moving average of $84.82 and a two-hundred day moving average of $86.38. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. Medtronic PLC has a 12-month low of $75.96 and a 12-month high of $96.25. The stock has a market capitalization of $111.87 billion, a PE ratio of 24.10, 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 the consensus estimate of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. Medtronic's revenue was up 3.9% on a year-over-year basis. During the same period last year, the firm posted $1.46 EPS. On average, equities analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio is presently 78.45%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Royal Bank Of Canada lowered their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Robert W. Baird cut their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Mizuho reduced their target price on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Finally, Leerink Partners began coverage on Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target on the stock. Nine 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 company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $97.87.

About Medtronic

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.