Medtronic plc (NYSE:MDT) Stock Position Lifted by Robinson Value Management Ltd.

Robinson Value Management Ltd. lifted its stake in Medtronic plc (NYSE:MDT) by 2.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 54,051 shares of the medical technology company’s stock after buying an additional 1,066 shares during the period. Medtronic makes up approximately 3.2% of Robinson Value Management Ltd.’s portfolio, making the stock its 8th biggest holding. Robinson Value Management Ltd.’s holdings in Medtronic were worth $4,866,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently modified their holdings of MDT. M&G Plc bought a new stake in shares of Medtronic in the first quarter worth about $259,160,000. Capital Research Global Investors grew its stake in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Medtronic by 1,195.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after purchasing an additional 1,695,800 shares during the last quarter. Troy Asset Management Ltd bought a new stake in shares of Medtronic in the second quarter worth about $85,440,000. Finally, 1832 Asset Management L.P. grew its stake in shares of Medtronic by 26.9% in the second quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock worth $386,908,000 after purchasing an additional 1,041,863 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on MDT. Truist Financial lifted their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Barclays lifted their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Evercore ISI lifted their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Oppenheimer lifted their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Finally, Wells Fargo & Company lifted their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. One 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. According to data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average price target of $95.36.

Medtronic Price Performance

Medtronic stock traded down $1.11 during mid-day trading on Monday, hitting $91.13. The stock had a trading volume of 1,370,975 shares, compared to its average volume of 6,231,810. The firm has a market capitalization of $116.85 billion, a P/E ratio of 33.54, a P/E/G ratio of 2.53 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The firm’s 50 day moving average is $88.45 and its 200 day moving average is $83.58. Medtronic plc has a one year low of $68.84 and a one year high of $92.25.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. Medtronic’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.20 EPS. On average, sell-side analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.07%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

About Medtronic

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.