AQR Capital Management LLC Boosts Holdings in Medtronic plc (NYSE:MDT)

AQR Capital Management LLC grew its stake in shares of Medtronic plc (NYSE:MDT) by 7.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,445,131 shares of the medical technology company’s stock after acquiring an additional 98,901 shares during the quarter. AQR Capital Management LLC owned about 0.11% of Medtronic worth $113,486,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. M&G Plc purchased a new position in Medtronic during the first quarter worth approximately $259,160,000. Capital Research Global Investors raised its position in shares of Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings 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 valued at $195,431,000 after acquiring an additional 1,405,978 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in Medtronic by 26.8% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,237,032 shares of the medical technology company’s stock valued at $513,807,000 after acquiring an additional 1,318,590 shares during the period. Finally, Morningstar Investment Services LLC increased its stake in Medtronic by 207.7% during the fourth quarter. Morningstar Investment Services LLC now owns 1,551,322 shares of the medical technology company’s stock worth $128,341,000 after acquiring an additional 1,047,210 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Trading Up 0.1 %

NYSE:MDT opened at $89.45 on Friday. The stock has a market cap of $114.70 billion, a price-to-earnings ratio of 32.53, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. Medtronic plc has a one year low of $68.84 and a one year 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 business’s 50-day simple moving average is $85.42 and its 200 day simple moving average is $83.07.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period in the prior year, the company posted $1.20 EPS. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts predict 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. Shareholders 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 yield of 3.13%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MDT. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Truist Financial boosted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Barclays raised their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. The Goldman Sachs Group initiated coverage on shares of Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target for the company. Finally, UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Medtronic has an average 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.