Medtronic PLC (NYSE:MDT) Shares Bought by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lifted its holdings in shares of Medtronic PLC (NYSE:MDT) by 11.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 549,069 shares of the medical technology company’s stock after acquiring an additional 57,203 shares during the quarter. Medtronic comprises approximately 0.6% of Oppenheimer Asset Management Inc.’s holdings, making the stock its 27th biggest holding. Oppenheimer Asset Management Inc.’s holdings in Medtronic were worth $49,339,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Burkett Financial Services LLC lifted its holdings in shares of Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after acquiring an additional 185 shares in the last quarter. Mainstream Capital Management LLC purchased a new position in Medtronic in the 4th quarter valued at about $26,000. Rakuten Securities Inc. boosted its position in Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after buying an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC purchased a new position in Medtronic in the 4th quarter valued at about $27,000. Finally, Optiver Holding B.V. purchased a new position in Medtronic in the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

MDT has been the topic of a number of recent analyst reports. Leerink Partnrs upgraded shares of Medtronic to a “strong-buy” rating in a research note on Monday, June 16th. Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and upped their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Truist Financial cut their target price on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Finally, Royal Bank Of Canada cut their target price on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Medtronic currently has an average rating of “Moderate Buy” and an average price target of $97.87.

Medtronic Stock Up 0.7%

Medtronic stock opened at $86.30 on Monday. The company has a market capitalization of $110.68 billion, a P/E ratio of 23.84, a P/E/G ratio of 2.33 and a beta of 0.79. The firm’s fifty day simple moving average is $84.49 and its 200-day simple moving average is $86.28. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 1-year low of $75.96 and a 1-year high of $96.25.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. Medtronic’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.46 EPS. Sell-side analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a $0.71 dividend. The ex-dividend date is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.29%. Medtronic’s dividend payout ratio (DPR) is presently 77.35%.

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.