Medtronic plc (NYSE:MDT) Holdings Decreased by Addenda Capital Inc.

Addenda Capital Inc. decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 0.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,474 shares of the medical technology company’s stock after selling 137 shares during the quarter. Addenda Capital Inc.’s holdings in Medtronic were worth $7,377,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Medtronic by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock worth $9,921,367,000 after acquiring an additional 754,395 shares in the last quarter. Capital Research Global Investors lifted its stake in shares of Medtronic by 1.8% in the 4th 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 purchasing an additional 571,700 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Medtronic by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock valued at $2,155,085,000 after purchasing an additional 574,055 shares during the last quarter. Deutsche Bank AG increased its position in 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 last quarter. Finally, Invesco Ltd. increased its position in Medtronic by 17.8% during the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after buying an additional 2,333,600 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.8%

Shares of NYSE:MDT opened at $83.03 on Friday. The company has a market cap of $106.49 billion, a P/E ratio of 25.24, a P/E/G ratio of 2.22 and a beta of 0.81. The stock’s 50-day moving average is $84.19 and its 200-day moving average is $86.19. 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 quick ratio of 1.39 and a current ratio of 1.90.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. During the same quarter last year, the company earned $1.46 earnings per share. The firm’s revenue was up 3.9% on a year-over-year basis. Equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.42%. The ex-dividend date of this dividend is Friday, June 27th. This is a boost from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is presently 78.45%.

Analyst Upgrades and Downgrades

MDT has been the topic of several analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday, May 19th. Mizuho lowered their target price on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Robert W. Baird lowered their target price on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Truist Financial lowered 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. Finally, Wall Street Zen downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Moderate Buy” and an average price target of $97.00.

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.