iA Global Asset Management Inc. Has $3.82 Million Position in Medtronic plc (NYSE:MDT)

iA Global Asset Management Inc. lifted its holdings in shares of Medtronic plc (NYSE:MDT) by 724.9% in the second quarter, HoldingsChannel reports. The institutional investor owned 48,587 shares of the medical technology company’s stock after buying an additional 42,697 shares during the period. iA Global Asset Management Inc.’s holdings in Medtronic were worth $3,824,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new stake in Medtronic during the fourth quarter worth about $1,229,726,000. First Eagle Investment Management LLC raised its stake in shares of Medtronic by 54.5% during the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after purchasing an additional 3,320,800 shares in the last quarter. M&G Plc acquired a new stake in shares of Medtronic in the 1st quarter valued at approximately $259,160,000. Capital Research Global Investors grew its stake in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after buying an additional 2,044,109 shares in the last quarter. Finally, Pzena Investment Management LLC increased its holdings in Medtronic by 30.9% during the fourth quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock worth $617,896,000 after buying an additional 1,769,985 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling

In related news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by company insiders.

Medtronic Trading Up 0.4 %

MDT stock opened at $88.58 on Friday. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $90.13. The company has a market capitalization of $113.58 billion, a PE ratio of 32.21, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. The company’s 50-day simple moving average is $81.32 and its 200 day simple moving average is $82.44. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period last year, the firm earned $1.20 earnings per share. As a group, sell-side analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

Analyst Ratings Changes

A number of analysts have commented on MDT shares. Stifel Nicolaus increased their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Robert W. Baird lifted their target price on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Finally, Oppenheimer boosted their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $92.92.

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.