Public Sector Pension Investment Board Grows Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• The Public Sector Pension Investment Board increased its holdings in Medtronic PLC by 8.6%, owning 175,625 shares worth approximately $15.78 million after purchasing additional shares in the first quarter.
• Medtronic reported earnings per share (EPS) of $1.62 for the latest quarter, surpassing analysts' expectations, and recorded a revenue of $8.93 billion, reflecting a 3.9% increase compared to the previous year.
• The company recently increased its quarterly dividend to $0.71 per share, resulting in an annualized dividend of $2.84 and a yield of 3.1%.

Public Sector Pension Investment Board boosted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 8.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 175,625 shares of the medical technology company's stock after acquiring an additional 13,922 shares during the period. Public Sector Pension Investment Board's holdings in Medtronic were worth $15,782,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Burkett Financial Services LLC boosted its holdings in shares of Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after buying an additional 185 shares in the last quarter. Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic during the 4th quarter valued at $27,000. Columbia River Financial Group LLC bought a new stake in shares of Medtronic during the 1st quarter valued at $28,000. Optiver Holding B.V. bought a new stake in shares of Medtronic during the 4th quarter valued at $31,000. Finally, Hughes Financial Services LLC bought a new stake in shares of Medtronic during the 1st quarter valued at $32,000. Institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MDT. Morgan Stanley restated an "overweight" rating and set a $107.00 target price (up previously from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Wall Street Zen cut shares of Medtronic from a "buy" rating to a "hold" rating in a report on Saturday. Robert W. Baird dropped their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Citigroup upped their price target on shares of Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Finally, William Blair upgraded shares of Medtronic to a "hold" rating in a research note on Friday, July 11th. Twelve research 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 data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $98.19.

Medtronic Stock Performance

Shares of NYSE MDT traded up $0.81 during midday trading on Wednesday, hitting $92.89. 6,594,841 shares of the company's stock traded hands, compared to its average volume of 6,378,337. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25. The stock has a market capitalization of $119.07 billion, a price-to-earnings ratio of 25.66, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80. 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 fifty day moving average of $89.11 and a 200 day moving average of $88.00.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 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 firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same quarter in the prior year, the firm earned $1.46 EPS. The business's revenue for the quarter was up 3.9% compared to the same quarter last year. On average, analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's 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.