Public Sector Pension Investment Board Has $15.78 Million Stock Holdings in Medtronic PLC (NYSE:MDT)

Public Sector Pension Investment Board increased its holdings in shares of Medtronic PLC (NYSE:MDT) by 8.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 175,625 shares of the medical technology company’s stock after buying an additional 13,922 shares during the period. Public Sector Pension Investment Board’s holdings in Medtronic were worth $15,782,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in MDT. Burkett Financial Services LLC raised its holdings in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 185 shares during the last quarter. Columbia River Financial Group LLC bought a new position in Medtronic during the 1st quarter worth approximately $28,000. Wood Tarver Financial Group LLC bought a new position in Medtronic during the 4th quarter worth approximately $27,000. Hughes Financial Services LLC bought a new position in Medtronic during the 1st quarter worth approximately $32,000. Finally, Optiver Holding B.V. bought a new position in Medtronic during the 4th quarter worth approximately $31,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of MDT stock opened at $92.80 on Tuesday. The firm has a market capitalization of $118.95 billion, a PE ratio of 25.63, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80. The firm has a fifty day simple moving average of $88.83 and a two-hundred day simple moving average of $87.94. 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 12 month low of $79.29 and a 12 month high of $96.25.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. The firm 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%. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.46 EPS. Analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.1%. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is presently 78.45%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on MDT shares. BTIG Research restated a “neutral” rating on shares of Medtronic in a report on Friday, July 11th. Leerink Partnrs upgraded shares of Medtronic to a “strong-buy” rating in a research note on Monday, June 16th. Robert W. Baird lowered their price objective on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Wolfe Research upgraded shares of Medtronic from an “underperform” rating to a “peer perform” rating in a research note on Monday, June 30th. Finally, William Blair upgraded shares of Medtronic to a “hold” rating in a research note on Friday, July 11th. Twelve research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic has an average rating of “Moderate Buy” and a consensus target price of $98.19.

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.