DLK Investment Management LLC Increases Stake in Medtronic PLC (NYSE:MDT)

DLK Investment Management LLC increased its holdings in Medtronic PLC (NYSE:MDT) by 8.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,580 shares of the medical technology company’s stock after purchasing an additional 3,947 shares during the quarter. Medtronic accounts for 1.9% of DLK Investment Management LLC’s investment portfolio, making the stock its 24th biggest position. DLK Investment Management LLC’s holdings in Medtronic were worth $4,635,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Medtronic in the fourth quarter worth $1,163,580,000. Raymond James Financial Inc. bought a new stake in shares of Medtronic in the 4th quarter worth approximately $852,732,000. Beutel Goodman & Co Ltd. purchased a new stake in Medtronic in the fourth quarter worth $377,169,000. Invesco Ltd. boosted its holdings in Medtronic by 17.8% in the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after acquiring an additional 2,333,600 shares in the last quarter. Finally, Burgundy Asset Management Ltd. purchased a new position in Medtronic during the 4th quarter valued at $174,329,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

Shares of NYSE MDT opened at $86.05 on Thursday. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 12-month low of $75.96 and a 12-month high of $96.25. The firm has a market capitalization of $110.36 billion, a price-to-earnings ratio of 23.77, a price-to-earnings-growth ratio of 2.32 and a beta of 0.79. The firm has a 50 day moving average of $84.67 and a 200 day moving average of $86.29.

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

Medtronic Increases Dividend

The business also recently declared 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 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio is presently 77.35%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Robert W. Baird lowered their price objective on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a report on Thursday, May 22nd. Truist Financial dropped their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a 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. Finally, Royal Bank Of Canada lowered their price target on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, 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.