Mirae Asset Global Investments Co. Ltd. Increases Stake in Medtronic plc (NYSE:MDT)

Mirae Asset Global Investments Co. Ltd. lifted its position in Medtronic plc (NYSE:MDT) by 19.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 84,497 shares of the medical technology company’s stock after purchasing an additional 13,952 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Medtronic were worth $7,547,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Lynx Investment Advisory bought a new position in Medtronic during the 2nd quarter valued at approximately $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic in the 1st quarter worth approximately $33,000. Gleason Group Inc. purchased a new position in shares of Medtronic in the 2nd quarter valued at approximately $42,000. Opal Wealth Advisors LLC bought a new stake in shares of Medtronic during the second quarter valued at approximately $43,000. Finally, Olistico Wealth LLC purchased a new stake in Medtronic in the second quarter worth $45,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Up 0.0 %

MDT opened at $90.60 on Tuesday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.68. The stock has a market capitalization of $116.17 billion, a price-to-earnings ratio of 32.95, a PEG ratio of 2.60 and a beta of 0.84. The firm has a 50 day moving average price of $89.42 and a 200-day moving average price of $83.91.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the previous year, the company posted $1.20 earnings per share. Medtronic’s revenue was up 3.4% compared to the same quarter last year. Equities research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.09%. Medtronic’s payout ratio is presently 101.82%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MDT. Barclays boosted their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Evercore ISI raised their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Piper Sandler boosted their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday. Finally, Truist Financial lifted their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $95.36.

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.