Quarry LP Buys 1,551 Shares of Medtronic plc (NYSE:MDT)

Quarry LP lifted its stake in Medtronic plc (NYSE:MDT) by 24.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,894 shares of the medical technology company’s stock after buying an additional 1,551 shares during the period. Quarry LP’s holdings in Medtronic were worth $631,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of MDT. Vanguard Group Inc. lifted its holdings in shares of Medtronic by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock valued at $9,921,367,000 after acquiring an additional 754,395 shares during the period. Capital Research Global Investors lifted its holdings in Medtronic by 1.8% during the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock valued at $2,652,310,000 after purchasing an additional 571,700 shares during the last quarter. Geode Capital Management LLC boosted its position in Medtronic by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock valued at $2,155,085,000 after buying an additional 574,055 shares in the last quarter. Invesco Ltd. grew its stake in Medtronic by 17.8% during the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after buying an additional 2,333,600 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Medtronic during the fourth quarter worth approximately $1,163,580,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Down 0.1 %

NYSE:MDT opened at $84.19 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The stock’s fifty day simple moving average is $88.14 and its 200-day simple moving average is $87.26. The firm has a market capitalization of $107.98 billion, a P/E ratio of 25.59, a P/E/G ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. Equities research analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.33%. Medtronic’s dividend payout ratio is 85.11%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Truist Financial reduced their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Finally, UBS Group raised their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $96.14.

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.