Healthcare of Ontario Pension Plan Trust Fund Has $144.64 Million Position in Medtronic plc (NYSE:MDT)

Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Medtronic plc (NYSE:MDT) by 1,195.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,837,600 shares of the medical technology company’s stock after purchasing an additional 1,695,800 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Medtronic were worth $144,637,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. M&G Plc acquired a new stake in shares of Medtronic in the 1st quarter valued at $259,160,000. Capital Research Global Investors boosted its holdings in 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 acquiring an additional 2,044,109 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in Medtronic by 145.4% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock worth $195,431,000 after purchasing an additional 1,405,978 shares during the period. Hotchkis & Wiley Capital Management LLC raised its holdings in Medtronic by 26.8% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 6,237,032 shares of the medical technology company’s stock worth $513,807,000 after purchasing an additional 1,318,590 shares during the last quarter. Finally, Troy Asset Management Ltd acquired a new position in Medtronic during the 2nd quarter valued at about $85,440,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MDT shares. Piper Sandler lifted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Oppenheimer lifted their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Citigroup upped their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, Wells Fargo & Company upped their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” 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, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $94.21.

Medtronic Stock Performance

Shares of MDT opened at $89.10 on Thursday. The firm has a market cap of $114.25 billion, a P/E ratio of 32.40, a PEG ratio of 2.56 and a beta of 0.84. Medtronic plc has a twelve month low of $68.84 and a twelve month 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 firm’s 50 day moving average price is $86.39 and its two-hundred day moving average price is $83.23.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion during 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 company’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.20 EPS. On average, analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.14%. Medtronic’s payout ratio is presently 101.82%.

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.