Medtronic plc (NYSE:MDT) Shares Purchased by 1832 Asset Management L.P.

1832 Asset Management L.P. raised its holdings in shares of Medtronic plc (NYSE:MDT) by 26.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,915,609 shares of the medical technology company’s stock after purchasing an additional 1,041,863 shares during the quarter. 1832 Asset Management L.P.’s holdings in Medtronic were worth $386,908,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of MDT. Gryphon Financial Partners LLC acquired a new stake in Medtronic during the 4th quarter valued at approximately $220,000. CreativeOne Wealth LLC lifted its holdings in Medtronic by 52.4% during the 4th quarter. CreativeOne Wealth LLC now owns 4,156 shares of the medical technology company’s stock worth $342,000 after buying an additional 1,429 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in Medtronic by 4.1% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 192,382 shares of the medical technology company’s stock worth $15,848,000 after buying an additional 7,543 shares during the last quarter. SageView Advisory Group LLC lifted its holdings in Medtronic by 59.3% during the 4th 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, Team Hewins LLC bought a new position in Medtronic during the 4th quarter worth approximately $202,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Down 0.1 %

Shares of Medtronic stock opened at $89.34 on Friday. The business’s fifty day moving average price is $84.77 and its two-hundred day moving average price is $82.97. 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 $114.56 billion, a P/E ratio of 32.49, a PEG ratio of 2.57 and a beta of 0.84. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49.

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, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. 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 business earned $1.20 EPS. As a group, research analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts have commented on MDT shares. Citigroup reduced their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Robert W. Baird increased their target price on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Stifel Nicolaus increased their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Finally, Barclays raised their price target on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. One equities 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus target price 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.