ASR Vermogensbeheer N.V. Takes Position in Medtronic PLC (NYSE:MDT)

ASR Vermogensbeheer N.V. purchased a new stake in Medtronic PLC (NYSE:MDT) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 152,073 shares of the medical technology company’s stock, valued at approximately $13,665,000.

A number of other institutional investors also recently modified their holdings of the company. Dunhill Financial LLC raised its stake 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 period. Cidel Asset Management Inc. grew its position in shares of Medtronic by 1.3% in the first quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company’s stock valued at $856,000 after purchasing an additional 126 shares during the last quarter. Petros Family Wealth LLC grew its position in Medtronic by 4.3% during the first quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company’s stock worth $280,000 after buying an additional 127 shares in the last quarter. Faithward Advisors LLC grew its position in Medtronic by 2.7% during the fourth quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company’s stock worth $403,000 after buying an additional 134 shares in the last quarter. Finally, Motco lifted its stake in Medtronic by 27.0% during the first quarter. Motco now owns 635 shares of the medical technology company’s stock worth $57,000 after purchasing an additional 135 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

Shares of MDT opened at $89.69 on Wednesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The stock has a 50-day moving average of $88.11 and a 200-day moving average of $87.87. The company has a market cap of $115.03 billion, a PE ratio of 24.78, a P/E/G ratio of 2.33 and a beta of 0.80. Medtronic PLC has a one year low of $79.29 and a one 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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.46 EPS. On average, equities research analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.2%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is 78.45%.

Wall Street Analysts Forecast Growth

MDT has been the subject of several recent analyst reports. BTIG Research restated a “neutral” rating on shares of Medtronic in a research note on Friday, July 11th. Citigroup increased their price target on Medtronic from $98.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Morgan Stanley reiterated an “overweight” rating and issued a $107.00 price target (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Truist Financial dropped their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Finally, William Blair upgraded Medtronic to a “hold” rating in a research note on Friday, July 11th. Eleven research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $98.19.

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.