Tsfg LLC increased its position in Medtronic plc (NYSE:MDT – Get Rating) by 1,098.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 647 shares of the medical technology company’s stock after acquiring an additional 593 shares during the quarter. Tsfg LLC’s holdings in Medtronic were worth $58,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Medtronic in the 4th quarter worth approximately $1,349,223,000. Vanguard Group Inc. boosted its holdings in shares of Medtronic by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 120,557,488 shares of the medical technology company’s stock valued at $13,375,853,000 after purchasing an additional 7,403,778 shares during the last quarter. BlackRock Inc. lifted its position in shares of Medtronic by 4.7% in the fourth quarter. BlackRock Inc. now owns 107,903,362 shares of the medical technology company’s stock worth $11,162,603,000 after buying an additional 4,883,180 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Medtronic during the 1st quarter valued at approximately $481,525,000. Finally, Invesco Ltd. increased its stake in Medtronic by 29.6% in the 1st quarter. Invesco Ltd. now owns 12,205,798 shares of the medical technology company’s stock worth $1,354,234,000 after acquiring an additional 2,789,882 shares during the last quarter. Institutional investors own 79.81% of the company’s stock.
Analyst Upgrades and Downgrades
MDT has been the subject of a number of research reports. Needham & Company LLC downgraded Medtronic from a “buy” rating to a “hold” rating in a research report on Friday, May 27th. Raymond James downgraded shares of Medtronic from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 24th. Stifel Nicolaus dropped their price target on Medtronic from $125.00 to $105.00 in a research report on Monday, July 18th. Citigroup reduced their price objective on Medtronic from $120.00 to $117.00 and set a “buy” rating on the stock in a research note on Friday, May 27th. Finally, Morgan Stanley lowered their price objective on Medtronic from $103.00 to $101.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 24th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $111.52.
Medtronic Stock Performance
Medtronic (NYSE:MDT – Get Rating) last announced its quarterly earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.01. Medtronic had a net margin of 16.75% and a return on equity of 13.64%. During the same period in the previous year, the firm posted $1.41 earnings per share. As a group, equities research analysts forecast that Medtronic plc will post 5.53 EPS for the current fiscal year.
Medtronic Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 23rd will be given a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date is Thursday, September 22nd. Medtronic’s payout ratio is currently 70.28%.
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.
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