QRG Capital Management Inc. Acquires 104,050 Shares of Medtronic plc (NYSE:MDT)

QRG Capital Management Inc. raised its holdings in Medtronic plc (NYSE:MDT - Free Report) by 24.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 523,812 shares of the medical technology company's stock after acquiring an additional 104,050 shares during the quarter. QRG Capital Management Inc.'s holdings in Medtronic were worth $47,070,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mainstream Capital Management LLC acquired a new stake in Medtronic in the 4th quarter valued at $26,000. Burkett Financial Services LLC increased its stake 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 worth $26,000 after purchasing an additional 185 shares during the last quarter. Rakuten Securities Inc. grew its stake in Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after buying an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC acquired a new position in Medtronic in the 4th quarter valued at about $27,000. Finally, Optiver Holding B.V. bought a new stake in Medtronic in the 4th quarter valued at about $31,000. 82.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Wall Street Zen cut shares of Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Royal Bank of Canada decreased 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. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, UBS Group increased their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic currently has an average rating of "Moderate Buy" and an average price target of $97.00.

Medtronic Trading Down 1.5%

Shares of NYSE MDT opened at $87.19 on Monday. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The business has a fifty day simple moving average of $84.21 and a two-hundred day simple moving average of $86.26. The firm has a market cap of $111.83 billion, a PE ratio of 26.50, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79.

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. The business had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company's quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 earnings per share. Analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a $0.71 dividend. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio (DPR) is presently 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.

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