Ameriprise Financial Inc. Grows Stake in Medtronic plc (NYSE:MDT)

Ameriprise Financial Inc. grew its holdings in shares of Medtronic plc (NYSE:MDT) by 5.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,019,807 shares of the medical technology company’s stock after buying an additional 591,389 shares during the period. Ameriprise Financial Inc. owned 0.94% of Medtronic worth $960,146,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MDT. Mainstream Capital Management LLC bought a new position in Medtronic in the 4th quarter worth $26,000. Rakuten Securities Inc. increased its position in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after buying an additional 294 shares during the period. Stephens Consulting LLC raised its stake in Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after buying an additional 204 shares in the last quarter. Optiver Holding B.V. purchased a new stake in Medtronic in the fourth quarter worth about $31,000. Finally, Fiduciary Advisors Inc. bought a new stake in Medtronic during the 4th quarter valued at approximately $36,000. Institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

MDT has been the subject of a number of research analyst reports. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. UBS Group raised their price objective on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Truist Financial reduced their target price 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. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their price target for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $96.14.

Medtronic Stock Up 1.4 %

Medtronic stock opened at $84.74 on Friday. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The stock has a fifty day simple moving average of $87.65 and a two-hundred day simple moving average of $87.07. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The firm has a market cap of $108.68 billion, a price-to-earnings ratio of 25.76, a PEG ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Equities analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date was Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

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.