Price T Rowe Associates Inc. MD Grows Stock Holdings in Medtronic plc (NYSE:MDT)

Price T Rowe Associates Inc. MD boosted its position in Medtronic plc (NYSE:MDT - Free Report) by 1.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,041,286 shares of the medical technology company's stock after purchasing an additional 105,263 shares during the period. Price T Rowe Associates Inc. MD owned approximately 0.55% of Medtronic worth $562,460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of MDT. Norges Bank purchased a new stake in Medtronic in the fourth quarter worth $1,163,580,000. Raymond James Financial Inc. bought a new position in shares of Medtronic in the fourth quarter worth about $852,732,000. Beutel Goodman & Co Ltd. purchased a new position in Medtronic in the 4th quarter worth about $377,169,000. Van ECK Associates Corp lifted its holdings in Medtronic by 2,043.4% during the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock valued at $207,540,000 after buying an additional 2,476,935 shares in the last quarter. Finally, Invesco Ltd. boosted its position in Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after buying an additional 2,333,600 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MDT shares. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and lifted their price target for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Robert W. Baird upped their target price on Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Truist Financial decreased their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Royal Bank of Canada reiterated an "outperform" rating and set a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. Finally, UBS Group boosted their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $96.14.

Medtronic Stock Up 1.1 %

NYSE MDT traded up $0.89 during trading on Tuesday, hitting $84.93. The company's stock had a trading volume of 2,408,521 shares, compared to its average volume of 6,660,424. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a market cap of $108.93 billion, a PE ratio of 25.79, a P/E/G ratio of 2.22 and a beta of 0.79. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The business's 50 day simple moving average is $88.08 and its 200-day simple moving average is $87.21.

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

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.30%. Medtronic's payout ratio is presently 85.11%.

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.