2,900,610 Shares in Medtronic PLC (NYSE:MDT) Purchased by Nuveen LLC

Key Points

• Nuveen LLC has made a significant investment in Medtronic PLC, acquiring 2,900,610 shares valued at approximately $260.65 million, which represents 0.23% of the company's stock.
• Several analysts have issued mixed ratings on Medtronic, with Wolfe Research upgrading the stock and others maintaining "hold" ratings, reflecting a consensus rating of "Moderate Buy."
• Medtronic recently increased its quarterly dividend to $0.71, which is an annualized yield of 3.1%, indicating a commitment to returning value to shareholders.

Nuveen LLC bought a new position in Medtronic PLC (NYSE:MDT - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,900,610 shares of the medical technology company's stock, valued at approximately $260,649,000. Nuveen LLC owned approximately 0.23% of Medtronic at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Burkett Financial Services LLC boosted its stake in shares of Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares in the last quarter. Columbia River Financial Group LLC bought a new position in shares of Medtronic during the first quarter valued at approximately $28,000. Wood Tarver Financial Group LLC purchased a new stake in Medtronic during the fourth quarter valued at approximately $27,000. Hughes Financial Services LLC purchased a new stake in Medtronic during the first quarter valued at approximately $32,000. Finally, Optiver Holding B.V. purchased a new stake in Medtronic during the fourth quarter valued at approximately $31,000. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on MDT shares. Royal Bank Of Canada decreased their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. William Blair raised shares of Medtronic to a "hold" rating in a research report on Friday, July 11th. Morgan Stanley reissued an "overweight" rating and set a $107.00 target price (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Finally, BTIG Research reissued a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Twelve investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Stock Performance

MDT traded down $0.65 on Tuesday, reaching $92.09. The stock had a trading volume of 5,203,733 shares, compared to its average volume of 6,536,949. 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. The business's 50-day moving average price is $88.96 and its two-hundred day moving average price is $87.97. The company has a market cap of $118.04 billion, a P/E ratio of 25.44, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80.

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 (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same quarter last year, the business earned $1.46 earnings per share. The company's revenue for the quarter was up 3.9% compared to the same quarter last year. Sell-side analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

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