Medtronic PLC (NYSE:MDT) Stake Raised by Meeder Advisory Services Inc.

Key Points

• Meeder Advisory Services Inc. increased its holdings in Medtronic PLC by 18.3%, acquiring an additional 3,399 shares, bringing its total to 22,003 shares valued at approximately $1.98 million.
• Medtronic reported quarterly earnings of $1.62 per share, exceeding analysts' expectations, with a total revenue of $8.93 billion, reflecting a 3.9% year-over-year increase.
• The company has declared a quarterly dividend of $0.71 per share, increasing from the previous $0.70, with an annualized dividend yield of 3.10%.

Meeder Advisory Services Inc. increased its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 18.3% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 22,003 shares of the medical technology company's stock after acquiring an additional 3,399 shares during the period. Meeder Advisory Services Inc.'s holdings in Medtronic were worth $1,977,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC raised its position in shares of Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after purchasing an additional 37,265 shares in the last quarter. Oxford Asset Management LLP raised its position in shares of Medtronic by 70.1% during the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock valued at $594,000 after acquiring an additional 3,068 shares in the last quarter. New Vernon Investment Management LLC raised its position in shares of Medtronic by 304.9% during the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock valued at $2,425,000 after acquiring an additional 22,300 shares in the last quarter. Insight Inv LLC raised its position in shares of Medtronic by 84.2% during the 1st quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock valued at $2,467,000 after acquiring an additional 12,550 shares in the last quarter. Finally, Argent Trust Co raised its position in shares of Medtronic by 13.6% during the 4th quarter. Argent Trust Co now owns 56,020 shares of the medical technology company's stock valued at $4,475,000 after acquiring an additional 6,721 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

MDT stock traded down $0.93 during trading hours on Friday, hitting $89.31. 6,507,377 shares of the stock traded hands, compared to its average volume of 7,694,207. The stock has a 50-day simple moving average of $87.59 and a 200 day simple moving average of $87.80. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. The company has a market cap of $114.54 billion, a P/E ratio of 24.67, a P/E/G ratio of 2.38 and a beta of 0.80. 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 (NYSE:MDT - Get Free Report) last announced 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 business had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. During the same quarter last year, the business posted $1.46 earnings per share. The company's quarterly revenue was up 3.9% on a year-over-year basis. Equities analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a $0.71 dividend. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.2%. Medtronic's dividend payout ratio is 78.45%.

Analyst Ratings Changes

MDT has been the topic of several research reports. William Blair raised Medtronic to a "hold" rating in a research report on Friday, July 11th. Robert W. Baird dropped their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Evercore ISI increased their target price on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Leerink Partners started coverage on Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price on the stock. Finally, Truist Financial dropped their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Eleven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $98.19.

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.