New Vernon Investment Management LLC Raises Holdings in Medtronic plc (NYSE:MDT)

New Vernon Investment Management LLC boosted its holdings in Medtronic plc (NYSE:MDT) by 304.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 29,613 shares of the medical technology company’s stock after buying an additional 22,300 shares during the quarter. Medtronic accounts for approximately 1.5% of New Vernon Investment Management LLC’s holdings, making the stock its 14th biggest position. New Vernon Investment Management LLC’s holdings in Medtronic were worth $2,425,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Medtronic by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock valued at $9,921,367,000 after purchasing an additional 754,395 shares during the last quarter. Capital Research Global Investors raised its stake in Medtronic by 1.8% during the 4th 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 buying an additional 571,700 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of 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 valued at $2,155,085,000 after buying an additional 574,055 shares during the period. Invesco Ltd. boosted its stake in shares of Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after buying an additional 2,333,600 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Medtronic in the fourth quarter worth $1,163,580,000. Institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on MDT shares. Truist Financial lowered their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, April 11th. UBS Group raised their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Robert W. Baird boosted their target price on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Finally, Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $96.14.

Medtronic Stock Up 0.6 %

NYSE MDT opened at $84.24 on Friday. The stock has a market cap of $108.04 billion, a PE ratio of 25.60, a P/E/G ratio of 2.22 and a beta of 0.79. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The stock’s 50 day moving average is $88.18 and its 200 day moving average is $87.29.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Research analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic’s payout ratio is presently 85.11%.

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.