Smithbridge Asset Management Inc. DE Acquires New Holdings in Medtronic plc (NYSE:MDT)

Smithbridge Asset Management Inc. DE acquired a new stake in Medtronic plc (NYSE:MDT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 60,278 shares of the medical technology company's stock, valued at approximately $5,417,000.

A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Medtronic by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock valued at $9,921,367,000 after purchasing an additional 754,395 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of Medtronic by 1.8% in the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after buying an additional 571,700 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Medtronic by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock valued at $2,155,085,000 after buying an additional 574,055 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of Medtronic by 2.1% in the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock valued at $1,473,278,000 after acquiring an additional 372,168 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after acquiring an additional 2,333,600 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

NYSE MDT traded down $1.30 on Friday, hitting $87.19. The company had a trading volume of 6,008,318 shares, compared to its average volume of 6,874,071. The company has a market capitalization of $111.83 billion, a PE ratio of 26.50, a PEG ratio of 2.22 and a beta of 0.79. The company's fifty day moving average price is $84.10 and its 200-day moving average price is $86.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business's quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.46 earnings per share. As a group, analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a $0.71 dividend. This is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.26%. Medtronic's dividend payout ratio is presently 78.45%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and increased their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Royal Bank of Canada lowered their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Mizuho dropped their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Finally, Robert W. Baird cut their price objective on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Nine 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's stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of "Moderate Buy" and a consensus target price of $97.00.

Medtronic 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.