Medtronic plc (NYSE:MDT) Shares Bought by Biechele Royce Advisors

Biechele Royce Advisors lifted its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 4.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 197,754 shares of the medical technology company's stock after buying an additional 7,612 shares during the quarter. Medtronic makes up about 5.9% of Biechele Royce Advisors' investment portfolio, making the stock its 5th largest holding. Biechele Royce Advisors' holdings in Medtronic were worth $17,804,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Capital Research Global Investors raised its stake in Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company's stock valued at $2,691,577,000 after buying an additional 2,044,109 shares in the last quarter. Pzena Investment Management LLC raised its position in shares of Medtronic by 8.3% during the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company's stock valued at $653,854,000 after acquiring an additional 637,931 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Medtronic by 7.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company's stock worth $560,494,000 after purchasing an additional 515,751 shares during the last quarter. Longview Partners Guernsey LTD boosted its holdings in Medtronic by 2.3% in the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company's stock worth $578,245,000 after purchasing an additional 147,737 shares during the period. Finally, Raymond James & Associates boosted its holdings in Medtronic by 2.3% in the third quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company's stock worth $575,460,000 after purchasing an additional 145,504 shares during the period. Institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on MDT shares. UBS Group upgraded shares of Medtronic from a "sell" rating to a "neutral" rating and raised their price target for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Evercore ISI raised their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an "outperform" rating in a report on Tuesday, October 1st. Stifel Nicolaus lifted their target price on Medtronic from $85.00 to $87.00 and gave the company a "hold" rating in a research note on Wednesday, August 21st. Piper Sandler increased their price target on Medtronic from $85.00 to $90.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 21st. Finally, Royal Bank of Canada upgraded Medtronic from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $95.36.

Medtronic Price Performance

Shares of MDT stock traded up $0.82 during midday trading on Friday, reaching $90.07. 5,052,408 shares of the company were exchanged, compared to its average volume of 4,687,057. The company's 50 day moving average price is $89.64 and its two-hundred day moving average price is $84.17. The company has a market cap of $115.51 billion, a P/E ratio of 30.43, a PEG ratio of 2.55 and a beta of 0.84. Medtronic plc has a 12 month low of $69.32 and a 12 month high of $92.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

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

Medtronic Announces Dividend

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 dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic's payout ratio is currently 94.59%.

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.