Handelsbanken Fonder AB Buys 20,701 Shares of Medtronic plc (NYSE:MDT)

Handelsbanken Fonder AB boosted its stake in Medtronic plc (NYSE:MDT) by 3.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 568,985 shares of the medical technology company’s stock after buying an additional 20,701 shares during the period. Handelsbanken Fonder AB’s holdings in Medtronic were worth $51,226,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Capital Research Global Investors boosted its position in shares of Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after purchasing an additional 2,044,109 shares in the last quarter. Pzena Investment Management LLC grew its position in shares of Medtronic by 8.3% in the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock worth $653,854,000 after buying an additional 637,931 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Medtronic by 7.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after acquiring an additional 515,751 shares in the last quarter. Longview Partners Guernsey LTD lifted its position in Medtronic by 2.3% during the 1st quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock valued at $578,245,000 after acquiring an additional 147,737 shares during the period. Finally, Raymond James & Associates lifted its position in Medtronic by 5.7% during the 2nd quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock valued at $491,651,000 after acquiring an additional 336,618 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

Shares of MDT traded up $0.49 during mid-day trading on Friday, hitting $88.26. 3,598,594 shares of the company traded hands, compared to its average volume of 6,355,535. The stock has a market cap of $113.17 billion, a price-to-earnings ratio of 32.09, a P/E/G ratio of 2.56 and a beta of 0.84. The stock has a 50-day moving average price of $86.77 and a two-hundred day moving average price of $83.29. Medtronic plc has a 1 year low of $68.84 and a 1 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.

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 analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.20 EPS. Equities analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is currently 101.82%.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of analyst reports. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Stifel Nicolaus raised their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Truist Financial lifted their price objective on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Finally, Robert W. Baird lifted their price target on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $94.21.

Medtronic 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.