Michels Family Financial LLC bought a new position in shares of Medtronic plc (NYSE:MDT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 7,065 shares of the medical technology company's stock, valued at approximately $564,000.
Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in Medtronic during the 4th quarter worth $1,163,580,000. Raymond James Financial Inc. purchased a new stake in shares of Medtronic during the 4th quarter worth approximately $852,732,000. Beutel Goodman & Co Ltd. acquired a new stake in Medtronic in the fourth quarter valued at $377,169,000. Van ECK Associates Corp increased its holdings in Medtronic by 2,043.4% during the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock valued at $207,540,000 after acquiring an additional 2,476,935 shares in the last quarter. Finally, Invesco Ltd. increased its stake 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 worth $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.
Medtronic Stock Up 0.6%
Shares of MDT stock traded up $0.46 during trading hours on Tuesday, reaching $81.14. The company had a trading volume of 8,294,287 shares, compared to its average volume of 6,817,710. The company has a market capitalization of $104.07 billion, a P/E ratio of 24.66, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The stock's fifty day simple moving average is $84.84 and its 200 day simple moving average is $86.35.
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 analysts' consensus estimates of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. Medtronic's quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 EPS. As a group, sell-side analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.
Medtronic Increases Dividend
The company 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 dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.50%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. Medtronic's dividend payout ratio (DPR) is presently 78.45%.
Wall Street Analyst Weigh In
A number of analysts recently commented on MDT shares. Truist Financial dropped their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Robert W. Baird lowered their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Monday, May 19th. Mizuho decreased their price target on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Finally, UBS Group lifted their price target on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, nine have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $96.07.
View Our Latest Analysis on MDT
About Medtronic
(
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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