XTX Topco Ltd Purchases New Shares in Medtronic PLC (NYSE:MDT)

Key Points

• XTX Topco Ltd acquired 7,572 shares of Medtronic PLC during the first quarter, valuing the investment at approximately $680,000.
• Medtronic recently reported earnings per share of $1.62, exceeding analyst expectations, with revenue of $8.93 billion for the quarter, reflecting a year-over-year increase of 3.9%.
• The company announced a dividend increase to $0.71 per share, with a current dividend yield of 3.2%.

XTX Topco Ltd bought a new position in Medtronic PLC (NYSE:MDT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,572 shares of the medical technology company's stock, valued at approximately $680,000.

A number of other large investors have also added to or reduced their stakes in MDT. Brighton Jones LLC lifted its holdings in shares of Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Oxford Asset Management LLP lifted its holdings in shares of Medtronic by 70.1% during the fourth quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock valued at $594,000 after purchasing an additional 3,068 shares during the last quarter. New Vernon Investment Management LLC lifted its stake in shares of Medtronic by 304.9% in the fourth quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock worth $2,425,000 after buying an additional 22,300 shares in the last quarter. Insight Inv LLC grew its holdings in shares of Medtronic by 84.2% during the first quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock valued at $2,467,000 after buying an additional 12,550 shares during the last quarter. Finally, Argent Trust Co grew its holdings in shares of Medtronic by 13.6% during the fourth quarter. Argent Trust Co now owns 56,020 shares of the medical technology company's stock valued at $4,475,000 after buying an additional 6,721 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. BTIG Research reiterated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Morgan Stanley restated an "overweight" rating and set a $107.00 price objective (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Finally, Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Eleven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $98.19.

Medtronic Stock Performance

Shares of MDT stock traded up $1.35 during trading hours on Friday, hitting $92.59. The company's stock had a trading volume of 4,045,353 shares, compared to its average volume of 7,646,795. The company has a 50 day moving average of $88.45 and a 200 day moving average of $87.90. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $96.25. The stock has a market cap of $118.74 billion, a PE ratio of 25.57, a price-to-earnings-growth ratio of 2.32 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company's revenue was up 3.9% compared to the same quarter last year. During the same period last year, the firm posted $1.46 earnings per share. On average, sell-side analysts forecast 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 was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.1%. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's payout ratio is 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.