Medtronic PLC (NYSE:MDT) Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lifted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 0.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,051,297 shares of the medical technology company's stock after purchasing an additional 12,951 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.24% of Medtronic worth $274,190,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of MDT. Dunhill Financial LLC boosted its stake in Medtronic by 17.2% during the first quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock valued at $76,000 after buying an additional 124 shares during the period. Petros Family Wealth LLC raised its position in Medtronic by 4.3% during the first quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after purchasing an additional 127 shares in the last quarter. Faithward Advisors LLC raised its position in Medtronic by 2.7% during the fourth quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock valued at $403,000 after purchasing an additional 134 shares in the last quarter. Vestor Capital LLC raised its position in Medtronic by 0.3% during the fourth quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company's stock valued at $4,104,000 after purchasing an additional 138 shares in the last quarter. Finally, L. Roy Papp & Associates LLP raised its position in Medtronic by 2.8% during the first quarter. L. Roy Papp & Associates LLP now owns 5,099 shares of the medical technology company's stock valued at $458,000 after purchasing an additional 138 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Trading Up 0.0%

Shares of Medtronic stock opened at $86.19 on Friday. The company has a market capitalization of $110.54 billion, a P/E ratio of 23.81, a P/E/G ratio of 2.33 and a beta of 0.79. The company has a fifty day moving average of $84.82 and a 200 day moving average of $86.33. 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 fifty-two week low of $75.96 and a fifty-two week high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating analysts' consensus estimates 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 return on equity of 14.54% and a net margin of 13.90%. The business's quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.46 earnings per share. On average, sell-side analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

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

Analyst Ratings Changes

Several research analysts have recently commented on MDT shares. Mizuho decreased their price objective on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Royal Bank Of Canada decreased their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Truist Financial reduced their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Finally, Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average 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.

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