Value Partners Investments Inc. Takes $8.58 Million Position in Medtronic PLC (NYSE:MDT)

Value Partners Investments Inc. purchased a new stake in shares of Medtronic PLC (NYSE:MDT) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 95,392 shares of the medical technology company’s stock, valued at approximately $8,582,000. Medtronic comprises approximately 0.7% of Value Partners Investments Inc.’s portfolio, making the stock its 24th biggest holding.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mainstream Capital Management LLC acquired a new position in shares of Medtronic during the 4th quarter valued at about $26,000. Burkett Financial Services LLC lifted its position in Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after buying an additional 185 shares during the last quarter. Rakuten Securities Inc. lifted its position in Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after buying an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC acquired a new position in Medtronic in the fourth quarter valued at about $27,000. Finally, Optiver Holding B.V. acquired a new position in Medtronic in the fourth quarter valued at about $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Down 0.0%

MDT stock opened at $86.05 on Thursday. The company’s 50 day moving average price is $84.67 and its 200 day moving average price is $86.29. 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 PLC has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The firm has a market capitalization of $110.36 billion, a price-to-earnings ratio of 23.77, a PEG ratio of 2.32 and a beta of 0.79.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same period in the prior year, the firm earned $1.46 earnings per share. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. On average, equities research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.30%. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. Medtronic’s dividend payout ratio is presently 77.35%.

Analyst Upgrades and Downgrades

A number of research firms have commented on MDT. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, June 6th. Wall Street Zen raised shares of Medtronic from a “hold” rating to a “buy” rating in a research report on Saturday, June 21st. Mizuho decreased their target price on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Royal Bank Of Canada decreased their target price on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Finally, 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 report on Thursday, May 22nd. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic has an average rating of “Moderate Buy” and an average target price of $97.87.

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.