Prudential PLC Has $1.76 Million Position in Medtronic plc (NYSE:MDT)

Prudential PLC raised its position in Medtronic plc (NYSE:MDT) by 17.6% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 22,322 shares of the medical technology company’s stock after buying an additional 3,335 shares during the period. Prudential PLC’s holdings in Medtronic were worth $1,757,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in MDT. LifeSteps Financial Inc. acquired a new stake in Medtronic in the first quarter worth about $27,000. Lynx Investment Advisory bought a new position in shares of Medtronic in the 2nd quarter valued at about $28,000. Tributary Capital Management LLC acquired a new stake in shares of Medtronic during the 1st quarter worth approximately $33,000. Fortis Group Advisors LLC raised its stake in shares of Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after buying an additional 230 shares during the last quarter. Finally, Riverview Trust Co acquired a new position in Medtronic in the first quarter valued at approximately $39,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

MDT opened at $90.35 on Thursday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company has a market capitalization of $115.85 billion, a price-to-earnings ratio of 32.85, a P/E/G ratio of 2.56 and a beta of 0.84. The business’s 50-day moving average price is $83.09 and its two-hundred day moving average price is $82.71. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 EPS. Equities analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.10%. 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. Robert W. Baird lifted their target price on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and raised their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Finally, Wells Fargo & Company lifted their price objective on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $92.92.

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.