Woodline Partners LP Invests $24 Million in Medtronic plc (NYSE:MDT)

Woodline Partners LP purchased a new stake in Medtronic plc (NYSE:MDT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 300,476 shares of the medical technology company’s stock, valued at approximately $24,002,000.

Several other large investors have also added to or reduced their stakes in MDT. Norges Bank bought a new position in shares of Medtronic in the fourth quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. bought a new position in Medtronic during the 4th quarter valued at $852,732,000. Beutel Goodman & Co Ltd. purchased a new position in Medtronic during the 4th quarter worth $377,169,000. Van ECK Associates Corp grew its stake in shares of Medtronic by 2,043.4% in the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after acquiring an additional 2,476,935 shares in the last quarter. Finally, Invesco Ltd. grew 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 acquiring an additional 2,333,600 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on MDT. Robert W. Baird boosted their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. UBS Group boosted their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and upped their target price for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday. Finally, Truist Financial cut their price objective on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $96.14.

Medtronic Stock Down 0.9%

Shares of NYSE MDT opened at $86.19 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The company has a market cap of $110.54 billion, a P/E ratio of 26.20, a P/E/G ratio of 2.22 and a beta of 0.81. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The business has a 50-day simple moving average of $85.71 and a two-hundred day simple moving average of $86.57.

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

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.25%. The ex-dividend date was Friday, March 28th. Medtronic’s dividend payout ratio is presently 85.11%.

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.