Medtronic PLC (NYSE:MDT) Holdings Increased by Liberty One Investment Management LLC

Liberty One Investment Management LLC increased its stake in Medtronic PLC (NYSE:MDT) by 8.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,248 shares of the medical technology company’s stock after acquiring an additional 4,387 shares during the period. Liberty One Investment Management LLC’s holdings in Medtronic were worth $4,965,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in MDT. Norges Bank acquired a new position in shares of Medtronic during the fourth quarter valued at approximately $1,163,580,000. Beutel Goodman & Co Ltd. acquired a new position in shares of Medtronic during the fourth quarter valued at approximately $377,169,000. Invesco Ltd. increased its stake in shares of Medtronic by 17.8% during 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 during the period. Burgundy Asset Management Ltd. acquired a new position in Medtronic in the fourth quarter worth approximately $174,329,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Medtronic in the fourth quarter valued at $139,869,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MDT. Wolfe Research raised Medtronic from an “underperform” rating to a “peer perform” rating in a report on Monday, June 30th. Leerink Partnrs raised Medtronic to a “strong-buy” rating in a report on Monday, June 16th. Truist Financial dropped their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Finally, Mizuho lowered their price objective 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. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $97.87.

Medtronic Trading Down 0.7%

Medtronic stock opened at $87.73 on Tuesday. The company’s fifty day simple moving average is $85.37 and its 200-day simple moving average is $86.68. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 12 month low of $75.96 and a 12 month high of $96.25. The stock has a market cap of $112.52 billion, a P/E ratio of 24.23, a P/E/G ratio of 2.39 and a beta of 0.80.

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. Medtronic’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.46 earnings per share. As a group, sell-side analysts forecast 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 will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.71 dividend. The ex-dividend date of this dividend is 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 3.24%. Medtronic’s dividend payout ratio is currently 78.45%.

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.