Intech Investment Management LLC Increases Stock Position in Medtronic plc (NYSE:MDT)

Intech Investment Management LLC raised its holdings in Medtronic plc (NYSE:MDT) by 33.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 140,168 shares of the medical technology company’s stock after purchasing an additional 34,950 shares during the period. Intech Investment Management LLC’s holdings in Medtronic were worth $11,547,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Medtronic by 5.9% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,131,680 shares of the medical technology company’s stock valued at $93,228,000 after purchasing an additional 63,299 shares during the last quarter. Nixon Peabody Trust Co. boosted its holdings in shares of Medtronic by 462.8% in the 4th quarter. Nixon Peabody Trust Co. now owns 130,317 shares of the medical technology company’s stock valued at $10,736,000 after purchasing an additional 107,163 shares during the last quarter. Skopos Labs Inc. acquired a new position in shares of Medtronic in the 4th quarter valued at $252,000. Advisory Services Network LLC boosted its holdings in shares of Medtronic by 9.1% in the 4th quarter. Advisory Services Network LLC now owns 68,628 shares of the medical technology company’s stock valued at $5,654,000 after purchasing an additional 5,718 shares during the last quarter. Finally, ProVise Management Group LLC boosted its holdings in shares of Medtronic by 40.5% in the 4th quarter. ProVise Management Group LLC now owns 55,214 shares of the medical technology company’s stock valued at $4,549,000 after purchasing an additional 15,923 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 1.1 %

Medtronic stock traded up $0.91 during midday trading on Friday, hitting $82.29. 8,732,273 shares of the stock were exchanged, compared to its average volume of 5,738,687. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00. The firm has a market cap of $109.27 billion, a P/E ratio of 29.92, a P/E/G ratio of 2.65 and a beta of 0.78. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.71. The company has a 50 day moving average price of $82.81 and a two-hundred day moving average price of $82.75.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.01. The firm had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The firm’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.57 EPS. On average, sell-side analysts predict that Medtronic plc will post 5.45 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 12th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.70 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.40%. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is currently 100.36%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Mizuho lifted their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Truist Financial decreased their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday. Oppenheimer raised their target price on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Wells Fargo & Company raised their target price on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research note on Friday. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $94.45.

Insiders Place Their Bets

In other news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by company insiders.

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.