Robeco Institutional Asset Management B.V. decreased its stake in Medtronic PLC (NYSE:MDT - Free Report) by 14.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 735,051 shares of the medical technology company's stock after selling 124,479 shares during the quarter. Robeco Institutional Asset Management B.V. owned approximately 0.06% of Medtronic worth $66,052,000 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 raised 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 purchasing an additional 185 shares in the last quarter. Mainstream Capital Management LLC bought a new position in shares of Medtronic during the 4th quarter valued at $26,000. Rakuten Securities Inc. raised its holdings in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC bought a new position in shares of Medtronic during the 4th quarter valued at $27,000. Finally, Optiver Holding B.V. bought a new position in shares of Medtronic during the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 82.06% of the company's stock.
Analyst Ratings Changes
A number of research analysts have recently weighed in on MDT shares. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and raised their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Truist Financial lowered their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Leerink Partners initiated coverage on shares of Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price on the stock. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Nine investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and an average price target of $97.87.
Read Our Latest Research Report on Medtronic
Medtronic Stock Performance
NYSE MDT traded up $1.23 during midday trading on Monday, hitting $87.25. The company had a trading volume of 8,205,557 shares, compared to its average volume of 6,969,451. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock has a market cap of $111.90 billion, a price-to-earnings ratio of 24.10, a P/E/G ratio of 2.32 and a beta of 0.79. The firm has a fifty day simple moving average of $84.93 and a two-hundred day simple moving average of $86.41. Medtronic PLC has a fifty-two week low of $75.96 and a fifty-two week high of $96.25.
Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business's quarterly revenue was up 3.9% on a year-over-year basis. During the same period last year, the business posted $1.46 EPS. Equities analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.
Medtronic Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.26%. This is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio (DPR) is presently 78.45%.
About Medtronic
(
Free Report)
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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