North Star Asset Management Inc. Raises Stock Holdings in Medtronic plc (NYSE:MDT)

North Star Asset Management Inc. lifted its holdings in shares of Medtronic plc (NYSE:MDT) by 12.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,083 shares of the medical technology company’s stock after purchasing an additional 578 shares during the quarter. North Star Asset Management Inc.’s holdings in Medtronic were worth $406,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Olstein Capital Management L.P. grew its holdings in shares of Medtronic by 8.0% during the fourth quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company’s stock worth $7,509,000 after purchasing an additional 7,000 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Medtronic by 2.7% during the fourth quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company’s stock worth $8,453,000 after purchasing an additional 2,778 shares in the last quarter. Caprock Group LLC lifted its position in Medtronic by 12.6% in the 4th quarter. Caprock Group LLC now owns 47,767 shares of the medical technology company’s stock worth $3,849,000 after buying an additional 5,363 shares during the last quarter. Synergy Asset Management LLC lifted its position in Medtronic by 107.1% in the 4th quarter. Synergy Asset Management LLC now owns 227,802 shares of the medical technology company’s stock worth $19,353,000 after buying an additional 117,809 shares during the last quarter. Finally, Equitable Trust Co. lifted its position in Medtronic by 91.7% in the 4th quarter. Equitable Trust Co. now owns 39,645 shares of the medical technology company’s stock worth $3,167,000 after buying an additional 18,968 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT opened at $80.70 on Friday. The firm has a market cap of $103.51 billion, a PE ratio of 24.53, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. 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 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The business has a 50 day moving average price of $85.06 and a 200-day moving average price of $86.41.

Medtronic (NYSE:MDT) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 earnings per share. Equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date of this dividend is Friday, June 27th. This is an increase from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio is currently 85.11%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on MDT shares. Mizuho dropped their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research report on Thursday. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Royal Bank of Canada dropped their target price on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday. UBS Group boosted their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Finally, Truist Financial dropped their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $96.07.

Medtronic 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.