Vicus Capital Reduces Stock Holdings in Medtronic PLC (NYSE:MDT)

Vicus Capital reduced its position in shares of Medtronic PLC (NYSE:MDT) by 3.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,013 shares of the medical technology company’s stock after selling 218 shares during the quarter. Vicus Capital’s holdings in Medtronic were worth $540,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Medtronic during the fourth quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. purchased a new position in shares of Medtronic during the 4th quarter worth $852,732,000. Beutel Goodman & Co Ltd. bought a new stake in shares of Medtronic during the 4th quarter valued at $377,169,000. Invesco Ltd. grew its position in shares of Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after acquiring an additional 2,333,600 shares during the period. Finally, Burgundy Asset Management Ltd. purchased a new stake in shares of Medtronic in the 4th quarter worth $174,329,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on MDT shares. UBS Group lifted their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Royal Bank Of Canada lowered their price objective on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Robert W. Baird decreased their target price 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. Finally, Truist Financial lowered their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Nine equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $97.87.

Medtronic Price Performance

Shares of NYSE:MDT opened at $86.19 on Wednesday. The firm has a market cap of $110.54 billion, a price-to-earnings ratio of 23.81, a P/E/G ratio of 2.37 and a beta of 0.79. The firm has a fifty day moving average price of $84.35 and a 200 day moving average price of $86.27. Medtronic PLC has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85.

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

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend is Friday, June 27th. This is a boost from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is currently 77.35%.

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.