1832 Asset Management L.P. Raises Stock Holdings in Medtronic plc (NYSE:MDT)

1832 Asset Management L.P. grew its stake in Medtronic plc (NYSE:MDT) by 26.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,915,609 shares of the medical technology company’s stock after acquiring an additional 1,041,863 shares during the quarter. 1832 Asset Management L.P. owned about 0.38% of Medtronic worth $386,908,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic in the first quarter valued at $27,000. Lynx Investment Advisory purchased a new position in Medtronic during the second quarter worth about $28,000. Tributary Capital Management LLC purchased a new position in Medtronic during the first quarter worth about $33,000. Fortis Group Advisors LLC lifted its position in Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after buying an additional 230 shares during the period. Finally, Riverview Trust Co purchased a new position in Medtronic during the first quarter worth about $39,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT stock opened at $89.34 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The firm has a market cap of $114.56 billion, a P/E ratio of 32.49, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The stock has a 50-day simple moving average of $84.77 and a 200-day simple moving average of $82.97.

Medtronic (NYSE:MDT) last posted 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 business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter last year, the firm earned $1.20 earnings per share. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, equities analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.13%. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

Analyst Upgrades and Downgrades

MDT has been the topic of several recent analyst reports. The Goldman Sachs Group initiated coverage on Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Stifel Nicolaus increased their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Piper Sandler increased their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Wells Fargo & Company raised their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus 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.