Nebula Research & Development LLC Increases Stock Holdings in Medtronic plc (NYSE:MDT)

Nebula Research & Development LLC raised its position in Medtronic plc (NYSE:MDT - Free Report) by 456.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,370 shares of the medical technology company's stock after purchasing an additional 33,934 shares during the quarter. Medtronic accounts for approximately 0.4% of Nebula Research & Development LLC's holdings, making the stock its 29th biggest holding. Nebula Research & Development LLC's holdings in Medtronic were worth $3,305,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MDT. Norges Bank purchased a new stake in Medtronic in the 4th quarter worth about $1,163,580,000. Raymond James Financial Inc. purchased a new position in shares of Medtronic during the fourth quarter worth approximately $852,732,000. Beutel Goodman & Co Ltd. purchased a new position in shares of Medtronic during the fourth quarter worth approximately $377,169,000. Van ECK Associates Corp increased its position in shares of Medtronic by 2,043.4% during the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock worth $207,540,000 after acquiring an additional 2,476,935 shares during the period. Finally, Invesco Ltd. increased its position in shares of 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 acquiring an additional 2,333,600 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MDT has been the topic of a number of research reports. Truist Financial reduced their target price 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. Robert W. Baird boosted their price objective on shares of Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. UBS Group boosted their price target on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Finally, Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Medtronic currently has a consensus rating of "Hold" and an average price target of $96.14.

Medtronic Trading Down 0.2 %

NYSE MDT traded down $0.18 during trading hours on Monday, reaching $83.98. The company had a trading volume of 4,513,345 shares, compared to its average volume of 6,676,670. The stock has a market capitalization of $107.71 billion, a P/E ratio of 25.53, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The stock has a 50-day moving average of $88.14 and a 200 day moving average of $87.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.03. The business had revenue of $8.29 billion for the quarter, compared to analysts' expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. As a group, research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.33%. Medtronic's dividend payout ratio (DPR) is 85.11%.

Medtronic Company 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.