Troy Asset Management Ltd Invests $85.44 Million in Medtronic plc (NYSE:MDT)

Troy Asset Management Ltd purchased a new stake in shares of Medtronic plc (NYSE:MDT) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,085,502 shares of the medical technology company’s stock, valued at approximately $85,440,000. Medtronic accounts for about 2.8% of Troy Asset Management Ltd’s portfolio, making the stock its 11th biggest holding. Troy Asset Management Ltd owned about 0.08% of Medtronic at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in MDT. M&G Plc acquired a new position in Medtronic during the 1st quarter valued at about $259,160,000. Capital Research Global Investors lifted its holdings in Medtronic by 7.1% in 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 buying an additional 2,044,109 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted 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 buying an additional 1,405,978 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its stake in Medtronic by 26.8% in 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 last quarter. Finally, Morningstar Investment Services LLC grew its holdings in Medtronic by 207.7% during the 4th 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 period. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.8 %

NYSE MDT opened at $90.03 on Tuesday. The stock has a market capitalization of $115.44 billion, a price-to-earnings ratio of 32.74, a PEG ratio of 2.56 and a beta of 0.84. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The stock’s 50 day moving average price is $86.00 and its two-hundred day moving average price is $83.15. 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 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the prior year, the company posted $1.20 earnings per share. The firm’s revenue was up 3.4% on a year-over-year basis. As a group, analysts anticipate 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. Stockholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on MDT shares. Stifel Nicolaus increased their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research note on Wednesday, August 21st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Barclays upped 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. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average price target 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.