OMERS ADMINISTRATION Corp Raises Stock Holdings in Medtronic plc (NYSE:MDT)

OMERS ADMINISTRATION Corp boosted its stake in shares of Medtronic plc (NYSE:MDT) by 19.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,384 shares of the medical technology company’s stock after purchasing an additional 9,200 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in Medtronic were worth $4,504,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Medtronic in the 4th quarter valued at about $1,163,580,000. Raymond James Financial Inc. purchased a new stake in Medtronic during the fourth quarter valued at approximately $852,732,000. Beutel Goodman & Co Ltd. acquired a new stake in Medtronic in the fourth quarter valued at approximately $377,169,000. Van ECK Associates Corp grew its holdings in Medtronic by 2,043.4% in the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after purchasing an additional 2,476,935 shares during the last quarter. Finally, Invesco Ltd. grew 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 worth $1,233,769,000 after purchasing an additional 2,333,600 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on MDT shares. Truist Financial decreased their price objective on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. UBS Group upped their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $96.14.

Medtronic Price Performance

Shares of NYSE MDT opened at $85.26 on Wednesday. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The business’s 50 day moving average price is $86.43 and its 200 day moving average price is $86.72. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a market cap of $109.35 billion, a P/E ratio of 25.91, a P/E/G ratio of 2.22 and a beta of 0.81.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. The business had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. On average, sell-side analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic’s payout ratio is 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.