Medtronic plc (NYSE:MDT) Shares Purchased by Petredis Investment Advisors LLC

Petredis Investment Advisors LLC increased its holdings in Medtronic plc (NYSE:MDT) by 2.3% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 26,762 shares of the medical technology company’s stock after buying an additional 596 shares during the period. Petredis Investment Advisors LLC’s holdings in Medtronic were worth $2,405,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Medtronic by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock valued at $9,921,367,000 after acquiring an additional 754,395 shares during the last quarter. Capital Research Global Investors boosted its holdings in Medtronic by 1.8% in the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock valued at $2,652,310,000 after purchasing an additional 571,700 shares during the last quarter. Geode Capital Management LLC grew its position in Medtronic by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock worth $2,155,085,000 after purchasing an additional 574,055 shares during the period. Deutsche Bank AG grew its position in Medtronic by 2.1% during the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company’s stock worth $1,473,278,000 after purchasing an additional 372,168 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after buying an additional 2,333,600 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT opened at $87.46 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The stock has a market capitalization of $112.18 billion, a PE ratio of 26.58, a P/E/G ratio of 2.22 and a beta of 0.79. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a fifty day moving average of $83.89 and a two-hundred day moving average of $86.20.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same period in the previous year, the company posted $1.46 earnings per share. The business’s revenue was up 3.9% on a year-over-year basis. As a group, research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.25%. Medtronic’s dividend payout ratio is presently 78.45%.

Analyst Ratings Changes

A number of analysts have recently commented on MDT shares. Mizuho lowered their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and boosted their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Royal Bank of Canada lowered their price objective on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Wall Street Zen cut shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. Finally, Truist Financial decreased their target price on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Nine equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $97.00.

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.