Canada Pension Plan Investment Board Purchases 15,085 Shares of Medtronic plc (NYSE:MDT)

Canada Pension Plan Investment Board grew its holdings in Medtronic plc (NYSE:MDT) by 1.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,524,196 shares of the medical technology company’s stock after purchasing an additional 15,085 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.12% of Medtronic worth $119,969,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of MDT. Gryphon Financial Partners LLC bought a new stake in shares of Medtronic during the 4th quarter valued at $220,000. CreativeOne Wealth LLC increased its holdings in Medtronic by 52.4% in the fourth quarter. CreativeOne Wealth LLC now owns 4,156 shares of the medical technology company’s stock valued at $342,000 after purchasing an additional 1,429 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in Medtronic by 4.1% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 192,382 shares of the medical technology company’s stock valued at $15,848,000 after buying an additional 7,543 shares during the period. SageView Advisory Group LLC boosted its holdings in Medtronic by 59.3% during the fourth quarter. SageView Advisory Group LLC now owns 7,306 shares of the medical technology company’s stock worth $635,000 after buying an additional 2,721 shares during the last quarter. Finally, TCW Group Inc. grew its position in shares of Medtronic by 3.8% during the 4th quarter. TCW Group Inc. now owns 78,425 shares of the medical technology company’s stock worth $6,468,000 after buying an additional 2,869 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on MDT shares. Robert W. Baird increased their price target on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Oppenheimer boosted their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, August 21st. Finally, Barclays boosted their target price on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $92.92.

Medtronic Trading Down 0.1 %

NYSE MDT opened at $89.35 on Friday. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The stock’s 50 day moving average price is $84.77 and its two-hundred day moving average price is $82.99. The stock has a market capitalization of $114.57 billion, a price-to-earnings ratio of 32.49, a PEG ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.20 earnings per share. As a group, analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.13%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

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.