Raiffeisen Bank International AG Acquires 9,381 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Raiffeisen Bank International AG increased its stake in Medtronic PLC by 98.8%, acquiring an additional 9,381 shares to total 18,880 shares, valued at approximately $1.65 million.
• Medtronic recently declared a quarterly dividend of $0.71, marking an increase from the previous dividend of $0.70, yielding around 3.2% annually.
• The stock has a consensus rating of "Moderate Buy" with an average target price of $98.19 among analysts, following several upgrades from various research firms.

Raiffeisen Bank International AG boosted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 98.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,880 shares of the medical technology company's stock after acquiring an additional 9,381 shares during the quarter. Raiffeisen Bank International AG's holdings in Medtronic were worth $1,654,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Burkett Financial Services LLC grew its stake in shares of Medtronic by 185.0% in the first 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 purchased a new position in shares of Medtronic in the fourth quarter valued at approximately $27,000. Columbia River Financial Group LLC acquired a new position in shares of Medtronic in the first quarter valued at approximately $28,000. Optiver Holding B.V. purchased a new position in Medtronic in the 4th quarter valued at approximately $31,000. Finally, Hughes Financial Services LLC acquired a new position in shares of Medtronic in the first quarter worth $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Trading Up 2.1%

MDT stock traded up $1.87 during mid-day trading on Thursday, reaching $91.23. 7,685,043 shares of the stock traded hands, compared to its average volume of 6,912,314. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25. The stock's fifty day moving average is $88.28 and its 200-day moving average is $87.88. The company has a market cap of $116.94 billion, a P/E ratio of 25.20, a P/E/G ratio of 2.32 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT - Get Free Report) last issued 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 business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the prior year, the firm earned $1.46 EPS. The firm's quarterly revenue was up 3.9% on a year-over-year basis. As a group, sell-side analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were paid a dividend of $0.71 per share. This is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. Medtronic's dividend payout ratio (DPR) is 78.45%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Truist Financial decreased their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Robert W. Baird dropped their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Morgan Stanley reiterated an "overweight" rating and set a $107.00 target price (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Citigroup lifted their price objective on Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Finally, Mizuho raised their target price on shares of Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Eleven analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

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.