TCW Group Inc. Raises Stake in Medtronic PLC (NYSE:MDT)

TCW Group Inc. boosted its position in shares of Medtronic PLC (NYSE:MDT) by 83.4% in the 1st quarter, HoldingsChannel reports. The fund owned 183,600 shares of the medical technology company’s stock after acquiring an additional 83,482 shares during the period. TCW Group Inc.’s holdings in Medtronic were worth $16,498,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Dunhill Financial LLC increased its holdings in Medtronic by 17.2% in the first quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company’s stock valued at $76,000 after buying an additional 124 shares during the last quarter. Cidel Asset Management Inc. boosted its position in shares of Medtronic by 1.3% during the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company’s stock worth $856,000 after acquiring an additional 126 shares in the last quarter. Petros Family Wealth LLC increased its holdings in shares of Medtronic by 4.3% in the 1st quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company’s stock valued at $280,000 after acquiring an additional 127 shares during the last quarter. Faithward Advisors LLC raised its position in shares of Medtronic by 2.7% during the 4th quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company’s stock worth $403,000 after acquiring an additional 134 shares in the last quarter. Finally, Motco raised its position in shares of Medtronic by 27.0% during the 1st quarter. Motco now owns 635 shares of the medical technology company’s stock worth $57,000 after acquiring an additional 135 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Trading Up 0.6%

Shares of MDT stock opened at $92.91 on Friday. The business’s fifty day moving average price is $87.04 and its 200 day moving average price is $87.56. The firm has a market capitalization of $119.16 billion, a PE ratio of 25.66, a P/E/G ratio of 2.41 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. Medtronic PLC has a 1-year low of $78.32 and a 1-year high of $96.25.

Medtronic (NYSE:MDT) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 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 analyst estimates of $8.81 billion. During the same period in the previous year, the firm earned $1.46 EPS. The business’s revenue was up 3.9% on a year-over-year basis. As a group, sell-side analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were issued a dividend of $0.71 per share. The ex-dividend date was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.06%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is currently 78.45%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MDT. Truist Financial lowered their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Morgan Stanley reaffirmed an “overweight” rating and issued a $107.00 target price (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Citigroup raised their price target on Medtronic from $98.00 to $99.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. Finally, Mizuho boosted their price objective on Medtronic from $98.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, July 16th. Eleven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $98.19.

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.