Nisa Investment Advisors LLC Decreases Stock Position in Medtronic PLC (NYSE:MDT)

Nisa Investment Advisors LLC cut its stake in Medtronic PLC (NYSE:MDT - Free Report) by 22.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 431,312 shares of the medical technology company's stock after selling 123,338 shares during the period. Nisa Investment Advisors LLC's holdings in Medtronic were worth $39,060,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $1,163,580,000. Beutel Goodman & Co Ltd. purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $377,169,000. Invesco Ltd. lifted 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 purchasing an additional 2,333,600 shares during the last quarter. Burgundy Asset Management Ltd. purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $174,329,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $139,869,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MDT shares. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Robert W. Baird reduced their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Mizuho reduced their price target on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Truist Financial reduced their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Finally, Citigroup raised their price target on shares of Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research report on Wednesday. Nine analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $97.47.

Medtronic Stock Performance

Shares of MDT stock traded up $0.93 during mid-day trading on Thursday, reaching $89.93. 2,822,422 shares of the company's stock traded hands, compared to its average volume of 6,976,629. Medtronic PLC has a 12 month low of $76.33 and a 12 month high of $96.25. The firm has a 50 day moving average price of $85.54 and a two-hundred day moving average price of $86.71. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The firm has a market capitalization of $115.34 billion, a PE ratio of 24.85, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. 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 previous year, the firm posted $1.46 EPS. The company's revenue for the quarter was up 3.9% compared to the same quarter last year. On average, research analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a dividend of $0.71 per share. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.16%. Medtronic's payout ratio is 78.45%.

About Medtronic

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.