Pzena Investment Management LLC Buys 171,205 Shares of Medtronic PLC (NYSE:MDT)

Pzena Investment Management LLC boosted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 2.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,386,222 shares of the medical technology company's stock after buying an additional 171,205 shares during the period. Medtronic comprises 2.7% of Pzena Investment Management LLC's portfolio, making the stock its 16th largest holding. Pzena Investment Management LLC owned approximately 0.65% of Medtronic worth $753,586,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Brighton Jones LLC lifted its position in Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after buying an additional 37,265 shares in the last quarter. Harbour Investments Inc. increased its stake in shares of Medtronic by 14.5% in the 4th quarter. Harbour Investments Inc. now owns 10,812 shares of the medical technology company's stock valued at $864,000 after acquiring an additional 1,367 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of Medtronic by 7.6% in the 4th quarter. Parallel Advisors LLC now owns 19,836 shares of the medical technology company's stock valued at $1,585,000 after acquiring an additional 1,407 shares during the last quarter. Mystic Asset Management Inc. bought a new stake in Medtronic during the 4th quarter worth approximately $259,000. Finally, Retirement Planning Co of New England Inc. increased its stake in Medtronic by 4.9% during the 4th quarter. Retirement Planning Co of New England Inc. now owns 2,989 shares of the medical technology company's stock worth $239,000 after purchasing an additional 139 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. William Blair raised shares of Medtronic to a "hold" rating in a research note on Friday, July 11th. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Truist Financial lowered their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Finally, Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Eleven research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and a consensus target price of $98.19.

Medtronic Trading Down 0.2%

Shares of Medtronic stock traded down $0.17 during midday trading on Thursday, reaching $89.61. The company had a trading volume of 6,951,657 shares, compared to its average volume of 7,033,245. The stock has a fifty day moving average price of $86.16 and a 200 day moving average price of $86.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The firm has a market cap of $114.93 billion, a PE ratio of 24.75, a P/E/G ratio of 2.33 and a beta of 0.80. Medtronic PLC has a fifty-two week low of $78.32 and a fifty-two week high of $96.25.

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 (EPS) 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 for the quarter, compared to analyst estimates of $8.81 billion. During the same period in the previous year, the firm earned $1.46 earnings per share. The company's revenue was up 3.9% compared to the same quarter last year. On average, equities analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a dividend of $0.71 per share. This is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date was Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.17%. Medtronic's payout ratio is currently 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.