Sei Investments Co. raised its holdings in shares of Medtronic PLC (NYSE:MDT – Free Report) by 19.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 1,244,868 shares of the medical technology company’s stock after purchasing an additional 200,352 shares during the quarter. Sei Investments Co.’s holdings in Medtronic were worth $107,872,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the business. Madison Asset Management LLC boosted its position in shares of Medtronic by 15.0% in the 4th quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company’s stock valued at $18,752,000 after purchasing an additional 25,527 shares during the period. Ticino Wealth purchased a new position in Medtronic in the 4th quarter worth about $2,049,000. First Eagle Investment Management LLC raised its holdings in Medtronic by 0.4% during the 4th quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company’s stock worth $939,009,000 after buying an additional 40,196 shares during the period. KBC Group NV raised its holdings in Medtronic by 5.2% during the 4th quarter. KBC Group NV now owns 430,508 shares of the medical technology company’s stock worth $41,354,000 after buying an additional 21,384 shares during the period. Finally, Cerity Partners LLC lifted its stake in Medtronic by 12.7% during the fourth quarter. Cerity Partners LLC now owns 791,015 shares of the medical technology company’s stock valued at $75,988,000 after buying an additional 89,111 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.
Medtronic Trading Up 0.4%
NYSE:MDT opened at $82.19 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The stock’s 50-day moving average is $80.01 and its two-hundred day moving average is $87.55. The stock has a market cap of $105.20 billion, a PE ratio of 22.03, a price-to-earnings-growth ratio of 2.20 and a beta of 0.56.
Medtronic Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Friday, June 26th. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s payout ratio is currently 77.21%.
Insider Activity
In other news, EVP Harry Skip Kiil sold 4,189 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the transaction, the executive vice president directly owned 37,227 shares in the company, valued at $2,994,539.88. The trade was a 10.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.26% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
Several research analysts have commented on MDT shares. The Goldman Sachs Group decreased their target price on shares of Medtronic from $84.00 to $83.00 and set a “neutral” rating for the company in a report on Thursday, June 4th. Rothschild & Co Redburn cut their price target on shares of Medtronic from $111.00 to $106.00 and set a “buy” rating on the stock in a report on Friday, June 5th. Stifel Nicolaus set a $80.00 price target on shares of Medtronic in a research report on Wednesday, June 3rd. Citigroup decreased their price objective on shares of Medtronic from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, April 7th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $88.00 price objective on shares of Medtronic in a research report on Thursday, June 4th. Seventeen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $98.21.
Check Out Our Latest Report on Medtronic
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).
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