TIAA Trust National Association Buys 5,699 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• TIAA Trust National Association increased its holdings in Medtronic PLC by 80.6%, acquiring an additional 5,699 shares and bringing its total to 12,770 shares valued at $1,148,000.
• Medtronic recently announced a quarterly dividend increase to $0.71, reflecting a 3.2% dividend yield and a payout ratio of 78.45%.
• Several analysts have boosted their price targets for Medtronic, with estimates ranging from $98.00 to $110.00, signaling strong market interest in the stock.

TIAA Trust National Association boosted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 80.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,770 shares of the medical technology company's stock after buying an additional 5,699 shares during the period. TIAA Trust National Association's holdings in Medtronic were worth $1,148,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. UNIVEST FINANCIAL Corp acquired a new position in Medtronic in the first quarter worth about $214,000. Baker Avenue Asset Management LP grew its stake 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 purchasing an additional 136 shares during the period. Mengis Capital Management Inc. raised its holdings in shares of Medtronic by 0.8% in the 1st quarter. Mengis Capital Management Inc. now owns 91,979 shares of the medical technology company's stock worth $8,265,000 after buying an additional 735 shares in the last quarter. Commerce Bank lifted its position in shares of Medtronic by 1.7% during the 1st quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock worth $13,118,000 after buying an additional 2,429 shares during the period. Finally, EagleClaw Capital Managment LLC boosted its stake in Medtronic by 5.5% in the 1st quarter. EagleClaw Capital Managment LLC now owns 30,210 shares of the medical technology company's stock valued at $2,715,000 after buying an additional 1,588 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Medtronic Trading Up 2.1%

MDT traded up $1.87 during trading on Thursday, reaching $91.23. 7,684,932 shares of the company's stock were exchanged, compared to its average volume of 7,669,109. The company's fifty day moving average price is $88.28 and its 200-day moving average price is $87.88. The firm has a market capitalization of $117.01 billion, a PE ratio of 25.20, a P/E/G ratio of 2.33 and a beta of 0.80. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm's revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.46 earnings per share. As a group, equities analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Morgan Stanley reiterated an "overweight" rating and set a $107.00 price objective (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Citigroup increased their target price on shares of Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Leerink Partners initiated coverage on shares of Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target for the company. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Finally, William Blair upgraded shares of Medtronic to a "hold" rating in a research note on Friday, July 11th. Eleven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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.