University of Texas Texas AM Investment Management Co. Boosts Stock Position in Medtronic plc (NYSE:MDT)

University of Texas Texas AM Investment Management Co. increased its holdings in Medtronic plc (NYSE:MDT) by 36.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 73,883 shares of the medical technology company’s stock after purchasing an additional 19,679 shares during the period. Medtronic makes up about 0.7% of University of Texas Texas AM Investment Management Co.’s investment portfolio, making the stock its 20th largest position. University of Texas Texas AM Investment Management Co.’s holdings in Medtronic were worth $5,902,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. MCF Advisors LLC increased its stake in Medtronic by 22.8% during the fourth quarter. MCF Advisors LLC now owns 1,395 shares of the medical technology company’s stock worth $112,000 after acquiring an additional 259 shares during the last quarter. Simon Quick Advisors LLC increased its position in shares of Medtronic by 35.5% during the 4th quarter. Simon Quick Advisors LLC now owns 5,160 shares of the medical technology company’s stock valued at $412,000 after purchasing an additional 1,353 shares during the last quarter. XML Financial LLC raised its holdings in Medtronic by 7.6% during the 4th quarter. XML Financial LLC now owns 13,490 shares of the medical technology company’s stock valued at $1,078,000 after buying an additional 954 shares during the period. Magnus Financial Group LLC lifted its position in Medtronic by 16.9% in the fourth quarter. Magnus Financial Group LLC now owns 3,433 shares of the medical technology company’s stock worth $274,000 after buying an additional 497 shares during the last quarter. Finally, Marino Stram & Associates LLC lifted its position in Medtronic by 7.8% in the fourth quarter. Marino Stram & Associates LLC now owns 7,419 shares of the medical technology company’s stock worth $593,000 after buying an additional 534 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $80.93 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $103.80 billion, a price-to-earnings ratio of 24.60, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The firm has a 50 day moving average of $85.29 and a 200 day moving average of $86.50. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. During the same period in the prior year, the business posted $1.46 EPS. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. On average, sell-side analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.51%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is presently 85.11%.

Analyst Ratings Changes

Several brokerages have recently weighed in on MDT. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and increased their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. UBS Group increased their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Mizuho reduced their price target on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a report on Thursday. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday. Finally, Royal Bank of Canada decreased their target price on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus target price of $96.07.

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.