Mutual of America Capital Management LLC trimmed its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 2.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 149,446 shares of the medical technology company's stock after selling 4,527 shares during the quarter. Mutual of America Capital Management LLC's holdings in Medtronic were worth $13,429,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Medtronic during the 4th quarter valued at $1,163,580,000. Beutel Goodman & Co Ltd. acquired a new stake in shares of Medtronic during the 4th quarter valued at $377,169,000. Invesco Ltd. lifted 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 acquiring an additional 2,333,600 shares during the last quarter. Burgundy Asset Management Ltd. acquired a new stake in shares of Medtronic during the 4th quarter valued at $174,329,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Medtronic during the 4th quarter valued at $139,869,000. 82.06% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have recently issued reports on MDT. 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. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Finally, Robert W. Baird reduced their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Nine 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $97.47.
Read Our Latest Research Report on MDT
Medtronic Stock Up 0.7%
Shares of NYSE:MDT traded up $0.62 during midday trading on Friday, hitting $90.02. 12,258,801 shares of the stock were exchanged, compared to its average volume of 7,027,364. 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 52-week low of $76.68 and a 52-week high of $96.25. The business's fifty day simple moving average is $85.77 and its two-hundred day simple moving average is $86.86. The company has a market capitalization of $115.45 billion, a PE ratio of 24.87, a P/E/G ratio of 2.33 and a beta of 0.80.
Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. The business's revenue was up 3.9% compared to the same quarter last year. During the same period last year, the company earned $1.46 earnings per share. As a group, research analysts predict 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 was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given a $0.71 dividend. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's dividend payout ratio (DPR) is currently 78.45%.
Medtronic Profile
(
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.
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