XTX Topco Ltd Purchases Shares of 34,821 Medtronic plc (NYSE:MDT)

XTX Topco Ltd acquired a new stake in Medtronic plc (NYSE:MDT) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 34,821 shares of the medical technology company’s stock, valued at approximately $2,741,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Chemung Canal Trust Co. grew its holdings in Medtronic by 1,467.5% during the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after acquiring an additional 44,846 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Medtronic during the 2nd quarter worth $25,643,000. TD Asset Management Inc grew its stake in shares of Medtronic by 4.3% during the fourth quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock worth $85,199,000 after purchasing an additional 42,988 shares in the last quarter. SageView Advisory Group LLC increased its holdings in Medtronic by 130.3% in the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after buying an additional 9,523 shares during the last quarter. Finally, Camden National Bank raised its stake in Medtronic by 98.7% in the fourth quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock valued at $9,890,000 after buying an additional 59,625 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of NYSE:MDT opened at $88.13 on Thursday. The company has a market cap of $113.01 billion, a P/E ratio of 32.05, a PEG ratio of 2.57 and a beta of 0.84. The company has a 50-day moving average price of $84.32 and a 200 day moving average price of $82.91. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. 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 (NYSE:MDT) last announced its quarterly earnings data 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. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the prior year, the company posted $1.20 earnings per share. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. Research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.18%. Medtronic’s payout ratio is currently 101.82%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MDT shares. Wells Fargo & Company upped their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Citigroup reduced their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Barclays increased their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Piper Sandler raised their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, The Goldman Sachs Group started coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price for the company. 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average 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.