TD Asset Management Inc Acquires 20,210 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• TD Asset Management Inc increased its shares in Medtronic PLC by 1.6% during the first quarter, bringing its total holdings to 1,285,179 shares, valued at approximately $115.5 million.
• Medtronic recently reported earnings of $1.62 per share, exceeding analysts' expectations, alongside a quarterly revenue of $8.93 billion, marking a 3.9% year-over-year increase.
• The company announced a quarterly dividend increase to $0.71 per share, yielding 3.06%, up from the previous $0.70 dividend.

TD Asset Management Inc lifted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 1.6% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,285,179 shares of the medical technology company's stock after buying an additional 20,210 shares during the quarter. TD Asset Management Inc owned approximately 0.10% of Medtronic worth $115,486,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Capital Research Global Investors lifted its stake in 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 purchasing an additional 571,700 shares in the last quarter. Geode Capital Management LLC lifted its stake in Medtronic by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock worth $2,155,085,000 after purchasing an additional 574,055 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Medtronic by 7.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after purchasing an additional 1,461,841 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Medtronic by 3.8% during the 1st quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock valued at $1,858,332,000 after buying an additional 756,192 shares in the last quarter. Finally, 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. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Trading Down 0.2%

MDT stock traded down $0.17 during mid-day trading on Wednesday, reaching $92.27. The company had a trading volume of 2,114,561 shares, compared to its average volume of 7,672,479. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The company has a market capitalization of $118.34 billion, a PE ratio of 25.51, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80. The firm has a 50 day moving average of $87.26 and a 200 day moving average of $87.71. Medtronic PLC has a 12 month low of $78.96 and a 12 month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued 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. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company's revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.46 EPS. On average, equities analysts predict 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 was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a dividend of $0.71 per share. The ex-dividend date was Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.08%. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Mizuho boosted their price objective on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Robert W. Baird decreased their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Truist Financial decreased their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Citigroup upped their price objective on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Finally, Morgan Stanley restated an "overweight" rating and set a $107.00 price objective (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Eleven analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $98.19.

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.