Mitsubishi UFJ Asset Management Co. Ltd. Purchases 258,394 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Mitsubishi UFJ Asset Management has increased its holding in Medtronic PLC by 12.4%, acquiring an additional 258,394 shares during the first quarter, now owning a total of 2,348,159 shares valued at approximately $211 million.
• Medtronic recently announced an increase in its quarterly dividend to $0.71 per share, reflecting a 3.1% yield, marking a positive change from the previous dividend of $0.70.
• Analysts have shown confidence in Medtronic, with multiple upgrades and an average target price of $98.19, indicating an overall rating of "Moderate Buy" based on the evaluations of eleven analysts.

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Medtronic PLC (NYSE:MDT - Free Report) by 12.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,348,159 shares of the medical technology company's stock after buying an additional 258,394 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of Medtronic worth $211,006,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Headlands Technologies LLC bought a new position in Medtronic during the first quarter valued at $1,530,000. Blue Barn Wealth LLC increased its holdings in shares of Medtronic by 23.3% in the 1st quarter. Blue Barn Wealth LLC now owns 3,520 shares of the medical technology company's stock worth $316,000 after buying an additional 666 shares during the last quarter. Deutsche Bank AG raised its position in shares of Medtronic by 3.1% during the 1st quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock valued at $1,708,220,000 after buying an additional 566,155 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Medtronic by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 8,041,952 shares of the medical technology company's stock valued at $722,650,000 after acquiring an additional 39,901 shares during the last quarter. Finally, ASR Vermogensbeheer N.V. purchased a new position in Medtronic in the first quarter worth about $13,665,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Up 2.1%

Shares of NYSE MDT opened at $91.23 on Friday. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25. The firm has a market capitalization of $117.01 billion, a price-to-earnings ratio of 25.20, a PEG ratio of 2.32 and a beta of 0.80. The stock has a 50 day moving average price of $88.45 and a 200 day moving average price of $87.90. 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 (NYSE:MDT - Get Free Report) last issued its 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 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 period in the prior year, the business earned $1.46 EPS. The business's revenue for the quarter was up 3.9% compared to the same quarter last year. Sell-side analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.1%. The ex-dividend date was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Royal Bank Of Canada reduced their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Evercore ISI raised their price target on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Morgan Stanley reaffirmed an "overweight" rating and set a $107.00 price objective (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Finally, Mizuho increased their target price on shares of Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Eleven investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company 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.

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