Bessemer Group Inc. Boosts Stock Holdings in Medtronic PLC (NYSE:MDT)

Bessemer Group Inc. increased its stake in Medtronic PLC (NYSE:MDT) by 55.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,037,147 shares of the medical technology company’s stock after acquiring an additional 371,539 shares during the period. Bessemer Group Inc.’s holdings in Medtronic were worth $93,199,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Medtronic by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock valued at $9,921,367,000 after purchasing an additional 754,395 shares in the last quarter. Capital Research Global Investors grew its position in shares of Medtronic by 1.8% during the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock worth $2,652,310,000 after buying an additional 571,700 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Medtronic by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock worth $2,155,085,000 after buying an additional 574,055 shares during the period. Deutsche Bank AG increased its stake in shares of Medtronic by 2.1% during the fourth quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company’s stock worth $1,473,278,000 after buying an additional 372,168 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 hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on MDT shares. Leerink Partnrs upgraded shares of Medtronic to a “strong-buy” rating in a report on Monday, June 16th. Royal Bank Of Canada reduced their price objective on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. Leerink Partners initiated coverage on shares of Medtronic in a research note on Monday, June 16th. They set an “outperform” rating and a $110.00 target price for the company. 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. Finally, Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and raised their price target for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $97.87.

Medtronic Stock Performance

Shares of MDT stock opened at $86.05 on Thursday. Medtronic PLC has a 1 year low of $75.96 and a 1 year high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The firm has a market cap of $110.36 billion, a price-to-earnings ratio of 23.77, a PEG ratio of 2.32 and a beta of 0.79. The stock’s 50-day moving average is $84.67 and its two-hundred day moving average is $86.29.

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

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.30%. Medtronic’s dividend payout ratio (DPR) is 77.35%.

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.