MQS Management LLC Takes $659,000 Position in Medtronic PLC $MDT

MQS Management LLC bought a new stake in shares of Medtronic PLC (NYSE:MDT) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 6,856 shares of the medical technology company’s stock, valued at approximately $659,000.

Several other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Medtronic by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock valued at $12,388,027,000 after acquiring an additional 1,888,381 shares in the last quarter. State Street Corp boosted its position in shares of Medtronic by 1.0% during the 3rd quarter. State Street Corp now owns 60,460,537 shares of the medical technology company’s stock valued at $5,800,550,000 after acquiring an additional 625,992 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Medtronic by 0.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 21,468,260 shares of the medical technology company’s stock valued at $2,044,637,000 after acquiring an additional 192,410 shares in the last quarter. Raymond James Financial Inc. boosted its position in shares of Medtronic by 3.0% during the 3rd quarter. Raymond James Financial Inc. now owns 11,203,865 shares of the medical technology company’s stock valued at $1,067,055,000 after acquiring an additional 327,899 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Medtronic by 35.3% during the 3rd quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock valued at $970,456,000 after acquiring an additional 2,658,981 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MDT has been the topic of several recent research reports. Jefferies Financial Group reiterated a “hold” rating and set a $95.00 target price on shares of Medtronic in a research report on Thursday, April 23rd. Weiss Ratings downgraded shares of Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday. Leerink Partners reissued an “outperform” rating and set a $119.00 price target on shares of Medtronic in a report on Tuesday, March 10th. Wells Fargo & Company began coverage on shares of Medtronic in a report on Friday, January 30th. They set an “overweight” rating and a $114.00 price target for the company. Finally, Truist Financial cut their price target on shares of Medtronic from $103.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, April 15th. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $106.45.

Medtronic Trading Up 0.7%

Shares of MDT stock opened at $78.66 on Friday. Medtronic PLC has a 12-month low of $74.40 and a 12-month high of $106.33. The company has a market capitalization of $100.99 billion, a P/E ratio of 21.91, a P/E/G ratio of 1.86 and a beta of 0.62. The firm has a 50-day moving average price of $83.50 and a 200 day moving average price of $93.15. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 17th. The medical technology company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.02. Medtronic had a net margin of 13.00% and a return on equity of 14.82%. The firm had revenue of $9.02 billion during the quarter, compared to the consensus estimate of $8.89 billion. During the same period last year, the firm posted $1.38 EPS. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. Research analysts forecast that Medtronic PLC will post 5.56 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Friday, March 27th were paid a $0.71 dividend. The ex-dividend date of this dividend was Friday, March 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.6%. Medtronic’s payout ratio is currently 79.11%.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).