Aberdeen Group plc Raises Holdings in Medtronic PLC (NYSE:MDT)

Aberdeen Group plc grew its position in Medtronic PLC (NYSE:MDT) by 65.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,575,187 shares of the medical technology company’s stock after buying an additional 1,015,174 shares during the quarter. Aberdeen Group plc owned 0.20% of Medtronic worth $229,282,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in MDT. Vanguard Group Inc. lifted its stake in shares of Medtronic by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company’s stock worth $11,233,780,000 after purchasing an additional 810,854 shares during the last quarter. Capital Research Global Investors raised its stake 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 buying an additional 571,700 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Medtronic by 7.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company’s stock worth $2,001,903,000 after purchasing an additional 1,461,841 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Medtronic by 3.8% in the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company’s stock worth $1,858,332,000 after purchasing an additional 756,192 shares during the last quarter. Finally, Deutsche Bank AG raised its stake in shares of Medtronic by 3.1% in the first quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company’s stock worth $1,708,220,000 after purchasing an additional 566,155 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MDT. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Robert W. Baird dropped their target price on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Wolfe Research raised Medtronic from an “underperform” rating to a “peer perform” rating in a report on Monday, June 30th. Wall Street Zen lowered Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Finally, Mizuho raised their price objective on Medtronic from $98.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, July 16th. Twelve analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $98.19.

Medtronic Price Performance

Shares of NYSE:MDT opened at $92.04 on Friday. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. The stock has a fifty day moving average of $89.21 and a 200-day moving average of $88.00. The company has a market capitalization of $117.98 billion, a PE ratio of 25.42, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85.

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

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were paid a $0.71 dividend. The ex-dividend date of this dividend was Friday, June 27th. This is a boost from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.1%. Medtronic’s payout ratio is 78.45%.

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.