Value Partners Investments Inc. Acquires Shares of 95,392 Medtronic PLC (NYSE:MDT)

Value Partners Investments Inc. purchased a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 95,392 shares of the medical technology company's stock, valued at approximately $8,582,000. Medtronic comprises approximately 0.7% of Value Partners Investments Inc.'s investment portfolio, making the stock its 24th largest holding.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings 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 valued at $9,921,367,000 after buying an additional 754,395 shares during the period. Capital Research Global Investors raised its stake in shares of 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 valued at $2,652,310,000 after acquiring an additional 571,700 shares during the period. Geode Capital Management LLC lifted its stake in shares of Medtronic by 2.2% during 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 in the last quarter. Deutsche Bank AG boosted its holdings in Medtronic by 2.1% in the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock worth $1,473,278,000 after acquiring an additional 372,168 shares during the period. Finally, Invesco Ltd. grew its holdings in Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on MDT shares. Leerink Partners began coverage on shares of Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target on the stock. Mizuho lowered their target price on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Finally, Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and boosted their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and an average price target of $97.87.

Medtronic Price Performance

Medtronic stock traded up $0.47 during midday trading on Friday, hitting $85.94. The company's stock had a trading volume of 1,616,615 shares, compared to its average volume of 6,943,431. 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 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $110.22 billion, a PE ratio of 23.73, a price-to-earnings-growth ratio of 2.32 and a beta of 0.79. The stock's 50-day moving average price is $84.74 and its 200-day moving average price is $86.31.

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

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders 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 is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.30%. Medtronic's dividend payout ratio (DPR) is currently 77.35%.

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.