Medtronic PLC (NYSE:MDT) Stake Increased by CORDA Investment Management LLC.

CORDA Investment Management LLC. increased its stake in Medtronic PLC (NYSE:MDT) by 0.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 251,507 shares of the medical technology company’s stock after buying an additional 2,236 shares during the period. Medtronic comprises about 1.8% of CORDA Investment Management LLC.’s investment portfolio, making the stock its 29th largest position. CORDA Investment Management LLC.’s holdings in Medtronic were worth $22,600,000 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 MDT. Burkett Financial Services LLC increased its stake in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after purchasing an additional 185 shares during the last quarter. Columbia River Financial Group LLC bought a new stake in Medtronic during the first quarter valued at $28,000. Rakuten Securities Inc. increased its stake in Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC bought a new stake in Medtronic during the fourth quarter valued at $27,000. Finally, Optiver Holding B.V. bought a new stake in Medtronic during the fourth quarter valued at $31,000. Institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

MDT has been the subject of several recent research reports. Wolfe Research upgraded shares of Medtronic from an “underperform” rating to a “peer perform” rating in a research report on Monday, June 30th. Robert W. Baird lowered their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Evercore ISI upped their price target on shares of Medtronic from $103.00 to $106.00 and gave the stock an “outperform” rating in a research report on Tuesday. Mizuho lowered their price target on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. Finally, Leerink Partners initiated coverage on shares of Medtronic in a research report on Monday, June 16th. They set an “outperform” rating and a $110.00 price target for the company. Nine research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $98.00.

Medtronic Stock Performance

MDT stock opened at $88.63 on Wednesday. The company has a market capitalization of $113.67 billion, a P/E ratio of 24.48, a PEG ratio of 2.37 and a beta of 0.80. The company has a 50-day simple moving average of $85.45 and a 200 day simple moving average of $86.69. Medtronic PLC has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

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

Medtronic Increases Dividend

The firm 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 dividend of $0.71 per share. 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 annualized dividend and a yield of 3.20%. Medtronic’s dividend payout ratio is currently 78.45%.

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.