Medtronic PLC (NYSE:MDT) Shares Bought by Penserra Capital Management LLC

Penserra Capital Management LLC grew its position in Medtronic PLC (NYSE:MDT - Free Report) by 164.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,886 shares of the medical technology company's stock after purchasing an additional 5,529 shares during the period. Penserra Capital Management LLC's holdings in Medtronic were worth $797,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Meridian Investment Counsel Inc. grew its position in Medtronic by 9.8% during the first quarter. Meridian Investment Counsel Inc. now owns 27,386 shares of the medical technology company's stock valued at $2,461,000 after buying an additional 2,452 shares during the period. McGlone Suttner Wealth Management Inc. bought a new position in Medtronic during the first quarter worth about $291,000. HM Payson & Co. boosted its position in Medtronic by 8.8% during the first quarter. HM Payson & Co. now owns 14,522 shares of the medical technology company's stock worth $1,305,000 after purchasing an additional 1,177 shares during the period. Bank of New York Mellon Corp boosted its position in Medtronic by 3.8% during the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock worth $1,858,332,000 after purchasing an additional 756,192 shares during the period. Finally, World Investment Advisors boosted its position in Medtronic by 8.7% during the first quarter. World Investment Advisors now owns 153,239 shares of the medical technology company's stock worth $13,770,000 after purchasing an additional 12,234 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Truist Financial cut their target price 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. Robert W. Baird cut their target price 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. Royal Bank Of Canada cut their price objective 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. Finally, Mizuho cut their price objective 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. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $97.47.

Medtronic Stock Up 0.7%

MDT traded up $0.62 on Friday, hitting $90.02. The company had a trading volume of 12,258,801 shares, compared to its average volume of 7,021,901. The stock has a fifty day moving average price of $85.77 and a 200-day moving average price of $86.82. Medtronic PLC has a 12-month low of $76.68 and a 12-month high of $96.25. 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 stock has a market capitalization of $115.45 billion, a price-to-earnings ratio of 24.87, a P/E/G ratio of 2.32 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last issued 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 business had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company's revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.46 earnings per share. Analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a $0.71 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.15%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is currently 78.45%.

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.