Medtronic plc (NYSE:MDT) Shares Bought by Investment Management Corp of Ontario

Investment Management Corp of Ontario increased its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 7.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 72,339 shares of the medical technology company's stock after buying an additional 4,724 shares during the period. Investment Management Corp of Ontario's holdings in Medtronic were worth $5,778,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in MDT. Norges Bank acquired a new position in Medtronic during the 4th quarter worth $1,163,580,000. Raymond James Financial Inc. purchased a new position in shares of Medtronic in the 4th quarter valued at about $852,732,000. Beutel Goodman & Co Ltd. acquired a new position in shares of Medtronic during the fourth quarter worth about $377,169,000. Van ECK Associates Corp increased its stake in shares of Medtronic by 2,043.4% during the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock worth $207,540,000 after buying an additional 2,476,935 shares during the period. Finally, Invesco Ltd. raised its holdings in 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 in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of MDT traded down $0.87 during mid-day trading on Wednesday, reaching $84.24. 5,684,370 shares of the company's stock were exchanged, compared to its average volume of 6,743,614. The business's fifty day simple moving average is $86.22 and its 200-day simple moving average is $86.70. The stock has a market capitalization of $108.04 billion, a PE ratio of 25.60, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. The firm had revenue of $8.29 billion during the quarter, compared to analysts' expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. On average, equities research analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic's dividend payout ratio (DPR) is presently 85.11%.

Analysts Set New Price Targets

Several research analysts have commented on MDT shares. UBS Group boosted their price target 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 dropped their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird upped their price objective on Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Finally, Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and raised their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $96.14.

Medtronic 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.