Medtronic PLC (NYSE:MDT) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its stake in shares of Medtronic PLC (NYSE:MDT) by 3.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,680,301 shares of the medical technology company’s stock after acquiring an additional 756,192 shares during the quarter. Bank of New York Mellon Corp’s holdings in Medtronic were worth $1,858,332,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Burkett Financial Services LLC increased its position in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after buying an additional 185 shares during the period. Columbia River Financial Group LLC acquired a new position in Medtronic during the first quarter worth approximately $28,000. Rakuten Securities Inc. increased its position in Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after buying an additional 294 shares during the period. Wood Tarver Financial Group LLC acquired a new position in shares of Medtronic in the 4th quarter valued at $27,000. Finally, Optiver Holding B.V. acquired a new position in shares of Medtronic in the 4th quarter valued at $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wolfe Research raised shares of Medtronic from an “underperform” rating to a “peer perform” rating in a report on Monday, June 30th. Robert W. Baird dropped their price objective on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, May 22nd. Truist Financial dropped their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Mizuho dropped their price target on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Finally, Leerink Partnrs upgraded Medtronic to a “strong-buy” rating in a research report on Monday, June 16th. Nine investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $97.87.

Medtronic Trading Up 0.2%

Shares of MDT stock opened at $88.50 on Friday. The business’s fifty day moving average price is $85.30 and its 200 day moving average price is $86.54. Medtronic PLC has a 1-year low of $75.96 and a 1-year high of $96.25. The firm has a market capitalization of $113.50 billion, a PE ratio of 24.45, a P/E/G ratio of 2.39 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.93 billion for the quarter, compared to analysts’ expectations of $8.81 billion. During the same period in the prior year, the company posted $1.46 EPS. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. As a group, sell-side analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.71 dividend. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.21%. This is a boost from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio is currently 78.45%.

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.