Twinbeech Capital LP Acquires New Shares in Medtronic plc (NYSE:MDT)

Twinbeech Capital LP acquired a new stake in shares of Medtronic plc (NYSE:MDT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 561,402 shares of the medical technology company's stock, valued at approximately $44,845,000.

Other institutional investors have also modified their holdings of the company. Mainstream Capital Management LLC bought a new position in Medtronic in the 4th quarter worth about $26,000. Stephens Consulting LLC grew its position in Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock worth $27,000 after purchasing an additional 204 shares during the last quarter. Rakuten Securities Inc. grew its position in Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after purchasing an additional 294 shares during the last quarter. Optiver Holding B.V. bought a new position in Medtronic in the 4th quarter worth about $31,000. Finally, Chapman Financial Group LLC bought a new position in Medtronic in the 4th quarter worth about $33,000. Institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

NYSE:MDT traded down $3.48 during trading hours on Thursday, reaching $80.93. 14,681,718 shares of the company's stock were exchanged, compared to its average volume of 6,820,023. The company has a market capitalization of $103.80 billion, a P/E ratio of 24.60, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The business's 50-day simple moving average is $85.54 and its two-hundred day simple moving average is $86.56.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data 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 firm 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 14.07% and a net margin of 12.83%. The business's revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.46 EPS. Sell-side analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.51%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is 85.11%.

Analysts Set New Price Targets

Several research firms have commented on MDT. Mizuho decreased their target price on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research report on Thursday. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Monday. UBS Group increased their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Royal Bank of Canada lowered their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday. Finally, Robert W. Baird lowered their price objective on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of "Hold" and an average price target of $96.07.

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.