Medtronic plc (NYSE:MDT) Shares Purchased by Agate Pass Investment Management LLC

Agate Pass Investment Management LLC increased its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 19.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,536 shares of the medical technology company's stock after buying an additional 3,790 shares during the quarter. Agate Pass Investment Management LLC's holdings in Medtronic were worth $2,115,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Medtronic by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock valued at $9,921,367,000 after buying an additional 754,395 shares during the last quarter. Capital Research Global Investors grew its holdings in shares of 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 last quarter. Geode Capital Management LLC grew its holdings in shares of 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 valued at $2,155,085,000 after buying an additional 574,055 shares during the last quarter. Deutsche Bank AG grew its holdings in shares of Medtronic by 2.1% during the fourth quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock valued at $1,473,278,000 after buying an additional 372,168 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Medtronic by 17.8% during 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 buying an additional 2,333,600 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of Medtronic stock traded up $0.65 during trading hours on Monday, reaching $83.63. The stock had a trading volume of 4,466,215 shares, compared to its average volume of 7,674,861. The stock's 50 day moving average is $84.19 and its 200 day moving average is $86.19. The firm has a market capitalization of $107.26 billion, a PE ratio of 25.42, a PEG ratio of 2.22 and a beta of 0.81. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the prior year, the firm earned $1.46 EPS. The company's revenue for the quarter was up 3.9% on a year-over-year basis. Equities analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.40%. The ex-dividend date is Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is 78.45%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Mizuho dropped their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. UBS Group upped their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Royal Bank of Canada lowered their price target on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Monday, May 19th. Finally, Truist Financial lowered their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic currently has an average rating of "Moderate Buy" and a consensus price target of $97.00.

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.