Natixis Advisors LLC Boosts Stock Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• Natixis Advisors LLC increased its stake in Medtronic PLC by 31.1%, owning approximately 1.87 million shares valued at $167.66 million at the end of Q1.
• Medtronic recently increased its quarterly dividend from $0.70 to $0.71, resulting in an annualized dividend of $2.84 and a yield of 3.07%.
• Several analysts have recently adjusted their price targets for Medtronic, with a consensus rating of "Moderate Buy" and a price target averaging around $98.19.

Natixis Advisors LLC boosted its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 31.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,865,737 shares of the medical technology company's stock after acquiring an additional 442,609 shares during the quarter. Natixis Advisors LLC owned 0.15% of Medtronic worth $167,655,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of MDT. Invesco Ltd. lifted its holdings in Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after buying an additional 2,333,600 shares during the period. Burgundy Asset Management Ltd. bought a new position in Medtronic during the 4th quarter valued at approximately $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Medtronic in the 4th quarter worth $139,869,000. Mackenzie Financial Corp increased its holdings in shares of Medtronic by 220.9% in the 1st quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock worth $216,753,000 after purchasing an additional 1,660,357 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Medtronic by 21.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,910,161 shares of the medical technology company's stock worth $711,744,000 after purchasing an additional 1,566,776 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of NYSE MDT traded down $0.93 during trading on Friday, reaching $89.31. 6,507,377 shares of the company traded hands, compared to its average volume of 6,483,095. The firm's fifty day simple moving average is $87.59 and its 200 day simple moving average is $87.80. The stock has a market cap of $114.54 billion, a P/E ratio of 24.67, a PEG ratio of 2.34 and a beta of 0.80. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $96.25. 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 quarterly 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 firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same quarter in the previous year, the business earned $1.46 EPS. Medtronic's revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, research analysts anticipate 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. Investors of record on Friday, June 27th were paid a $0.71 dividend. The ex-dividend date was Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.2%. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is presently 78.45%.

Analyst Ratings Changes

Several analysts recently commented on MDT shares. Evercore ISI lifted their price objective on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Truist Financial cut their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Morgan Stanley reaffirmed an "overweight" rating and issued a $107.00 price objective (up previously from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Royal Bank Of Canada cut their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Finally, Citigroup boosted their price target on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Eleven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Company 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.