New Vernon Investment Management LLC boosted its holdings in Medtronic plc (NYSE:MDT - Free Report) by 304.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,613 shares of the medical technology company's stock after purchasing an additional 22,300 shares during the period. Medtronic makes up 1.5% of New Vernon Investment Management LLC's portfolio, making the stock its 14th largest position. New Vernon Investment Management LLC's holdings in Medtronic were worth $2,425,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Medtronic by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock worth $9,921,367,000 after buying an additional 754,395 shares during the period. Capital Research Global Investors increased its holdings in shares of Medtronic by 1.8% in the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after buying an additional 571,700 shares during the period. Geode Capital Management LLC increased its holdings in shares of Medtronic by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock worth $2,155,085,000 after buying an additional 574,055 shares during the period. Invesco Ltd. increased its holdings in shares of Medtronic by 17.8% in the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after buying an additional 2,333,600 shares during the period. Finally, Norges Bank bought a new stake in shares of Medtronic in the fourth quarter worth about $1,163,580,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.
Medtronic Stock Down 0.2 %
Shares of MDT traded down $0.18 during mid-day trading 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 company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The firm has a 50-day moving average price of $88.14 and a 200 day moving average price of $87.25. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a market capitalization of $107.71 billion, a price-to-earnings ratio of 25.53, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79.
Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion for the quarter, compared to analysts' expectations of $8.33 billion. On average, sell-side analysts forecast that Medtronic plc will post 5.46 EPS for the current year.
Medtronic Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were given a $0.70 dividend. The ex-dividend date was Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.33%. Medtronic's dividend payout ratio is currently 85.11%.
Wall Street Analyst Weigh In
Several research firms recently issued reports on MDT. Royal Bank of Canada reissued an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. UBS Group raised their target price on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Robert W. Baird raised their target price on Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Truist Financial cut their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Medtronic has an average rating of "Hold" and an average price target of $96.14.
Read Our Latest Stock Analysis on MDT
About Medtronic
(
Free Report)
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.
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