University of Texas Texas AM Investment Management Co. Boosts Stake in Medtronic plc (NYSE:MDT)

University of Texas Texas AM Investment Management Co. lifted its position in Medtronic plc (NYSE:MDT - Free Report) by 36.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 73,883 shares of the medical technology company's stock after purchasing an additional 19,679 shares during the quarter. Medtronic accounts for about 0.7% of University of Texas Texas AM Investment Management Co.'s holdings, making the stock its 20th largest holding. University of Texas Texas AM Investment Management Co.'s holdings in Medtronic were worth $5,902,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MDT. Vanguard Group Inc. raised its position in Medtronic by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock worth $9,921,367,000 after purchasing an additional 754,395 shares during the period. Capital Research Global Investors lifted its position in Medtronic by 1.8% in the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock valued at $2,652,310,000 after purchasing an additional 571,700 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Medtronic by 2.2% in the fourth 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 during the last quarter. Deutsche Bank AG raised its holdings in Medtronic by 2.1% during 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 buying an additional 372,168 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Medtronic by 17.8% in the fourth 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 period. Institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Robert W. Baird lowered their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research report on Thursday. UBS Group raised their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Truist Financial reduced their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Mizuho decreased their price target on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research note on Thursday. Finally, Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of "Hold" and an average target price of $96.07.

Medtronic Trading Down 4.1%

Medtronic stock opened at $80.93 on Friday. The firm has a 50 day moving average of $85.29 and a 200 day moving average of $86.50. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $103.80 billion, a price-to-earnings ratio of 24.60, a P/E/G 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.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results 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. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same period last year, the firm earned $1.46 earnings per share. The business's quarterly revenue was up 3.9% on a year-over-year basis. As a group, research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a dividend of $0.71 per share. This is a positive change 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 dividend yield of 3.51%. Medtronic's dividend payout ratio is currently 85.11%.

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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