Qtron Investments LLC Acquires 6,698 Shares of Medtronic PLC $MDT

Key Points

• Qtron Investments LLC increased its holdings in Medtronic PLC by 41.7%, acquiring an additional 6,698 shares and bringing its total ownership to 22,758 shares valued at approximately $2.04 million.
• Medtronic reported a quarterly earnings per share (EPS) of $1.62, exceeding analysts' expectations of $1.58, alongside a revenue of $8.93 billion.
• The company announced a quarterly dividend of $0.71 per share, reflecting a 3.1% dividend yield and a payout ratio of approximately 78.45%.

Qtron Investments LLC grew its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 41.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,758 shares of the medical technology company's stock after acquiring an additional 6,698 shares during the quarter. Qtron Investments LLC's holdings in Medtronic were worth $2,045,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Dunhill Financial LLC raised its position in shares of Medtronic by 17.2% in the 1st quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock valued at $76,000 after buying an additional 124 shares in the last quarter. Cidel Asset Management Inc. raised its position in shares of Medtronic by 1.3% in the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock valued at $856,000 after buying an additional 126 shares in the last quarter. Petros Family Wealth LLC raised its position in shares of Medtronic by 4.3% in the 1st quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after buying an additional 127 shares in the last quarter. Motco raised its position in shares of Medtronic by 27.0% in the 1st quarter. Motco now owns 635 shares of the medical technology company's stock valued at $57,000 after buying an additional 135 shares in the last quarter. Finally, Baker Avenue Asset Management LP raised its position in shares of Medtronic by 3.1% in the 1st quarter. Baker Avenue Asset Management LP now owns 4,558 shares of the medical technology company's stock valued at $410,000 after buying an additional 136 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

Shares of MDT stock opened at $92.98 on Monday. The stock has a market cap of $119.18 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 2.42 and a beta of 0.80. The business's fifty day moving average is $89.32 and its 200 day moving average is $87.96. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $96.25. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $8.81 billion. During the same period in the prior year, the firm posted $1.46 earnings per share. The company's quarterly revenue was up 3.9% on a year-over-year basis. Research analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.84 annualized dividend and a dividend yield of 3.1%. Medtronic's dividend payout ratio (DPR) is 78.45%.

Wall Street Analyst Weigh In

MDT has been the subject of a number of research reports. Robert W. Baird dropped their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. William Blair raised shares of Medtronic to a "hold" rating in a report on Friday, July 11th. Citigroup increased their target price on shares of Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Leerink Partners initiated coverage on shares of Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price for the company. Finally, Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Twelve 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 company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

Medtronic Company 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.

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