Intech Investment Management LLC Has $11.55 Million Stake in Medtronic plc (NYSE:MDT)

by · The Cerbat Gem

Intech Investment Management LLC lifted its stake in shares of Medtronic plc (NYSE:MDT – Free Report) by 33.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 140,168 shares of the medical technology company’s stock after buying an additional 34,950 shares during the period. Intech Investment Management LLC’s holdings in Medtronic were worth $11,547,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Morgan Stanley lifted its holdings in shares of Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after purchasing an additional 1,994,123 shares in the last quarter. Norges Bank bought a new position in shares of Medtronic in the 4th quarter worth $1,229,726,000. Northern Trust Corp lifted its holdings in shares of Medtronic by 2.1% in the 3rd quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock worth $1,067,493,000 after purchasing an additional 285,819 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Medtronic by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock worth $893,352,000 after purchasing an additional 101,111 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Medtronic by 6.7% in the 3rd quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock worth $806,883,000 after purchasing an additional 649,367 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT stock traded up $0.91 during trading on Friday, hitting $82.29. The company had a trading volume of 8,732,273 shares, compared to its average volume of 5,738,687. The company has a quick ratio of 1.71, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The stock’s 50-day moving average is $82.81 and its two-hundred day moving average is $82.75. The stock has a market capitalization of $109.27 billion, a price-to-earnings ratio of 29.92, a price-to-earnings-growth ratio of 2.65 and a beta of 0.78. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.00.

Medtronic (NYSE:MDT – Get Free Report) last posted its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. The company had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. Medtronic’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.57 earnings per share. As a group, analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a $0.70 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.40%. Medtronic’s payout ratio is presently 100.36%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Wells Fargo & Company increased their target price on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday. Mizuho raised their price objective on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Friday. UBS Group increased their target price on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday. Finally, Truist Financial reduced their price target on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $94.45.

Get Our Latest Stock Report on MDT

Insider Buying and Selling

In related news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.30% of the stock is currently owned by corporate insiders.

Medtronic Profile

(Free Report)

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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