Triglav Skladi D.O.O. Purchases 41,500 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Triglav Skladi D.O.O. increased its stake in Medtronic PLC by 224.3%, acquiring an additional 41,500 shares during the first quarter, bringing its total holdings to nearly 60,000 shares valued at over $5.39 million.
• Analysts have provided mixed ratings for Medtronic, with twelve holding a "hold" rating, nine issuing a buy rating, and two giving a strong buy rating, alongside a current consensus target price of $98.19.
• Medtronic recently announced a quarterly dividend payment of $0.71 per share, up from the previous $0.70, reflecting a yield of 3.1% and a payout ratio of approximately 78.45%.

Triglav Skladi D.O.O. lifted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 224.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 59,999 shares of the medical technology company's stock after purchasing an additional 41,500 shares during the quarter. Triglav Skladi D.O.O.'s holdings in Medtronic were worth $5,391,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of MDT. 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 worth $26,000 after acquiring an additional 185 shares during the period. Columbia River Financial Group LLC purchased a new position in shares of Medtronic during the 1st quarter worth $28,000. Wood Tarver Financial Group LLC purchased a new position in shares of Medtronic during the 4th quarter worth $27,000. Hughes Financial Services LLC purchased a new position in shares of Medtronic during the 1st quarter worth $32,000. Finally, Optiver Holding B.V. purchased a new position in shares of Medtronic during the 4th quarter worth $31,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of analyst reports. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Robert W. Baird reduced 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. Leerink Partners initiated coverage on Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 target price on the stock. Evercore ISI raised their price objective on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Finally, Mizuho raised their price objective on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Twelve analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

Medtronic Stock Performance

MDT opened at $92.09 on Wednesday. The business's 50-day moving average price is $88.96 and its two-hundred day moving average price is $87.97. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25. The company has a market capitalization of $118.04 billion, a price-to-earnings ratio of 25.44, a P/E/G ratio of 2.41 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. The firm 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 14.54% and a net margin of 13.90%. The business's revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.46 earnings per share. Equities analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm 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. The ex-dividend date was Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.1%. Medtronic's dividend payout ratio is currently 78.45%.

Medtronic Company 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.

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