Saratoga Research & Investment Management increased its position in shares of Medtronic PLC (NYSE:MDT) by 3.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 401,331 shares of the medical technology company’s stock after purchasing an additional 12,795 shares during the period. Medtronic accounts for approximately 2.5% of Saratoga Research & Investment Management’s portfolio, making the stock its 17th largest position. Saratoga Research & Investment Management’s holdings in Medtronic were worth $39,086,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the stock. Rockefeller Capital Management L.P. raised its holdings in shares of Medtronic by 0.6% in the first quarter. Rockefeller Capital Management L.P. now owns 1,357,738 shares of the medical technology company’s stock valued at $123,663,000 after buying an additional 7,939 shares during the last quarter. Cim LLC raised its holdings in shares of Medtronic by 12.9% in the second quarter. Cim LLC now owns 4,189 shares of the medical technology company’s stock valued at $408,000 after buying an additional 480 shares during the last quarter. Belpointe Asset Management LLC raised its holdings in shares of Medtronic by 35.3% in the first quarter. Belpointe Asset Management LLC now owns 4,581 shares of the medical technology company’s stock valued at $417,000 after buying an additional 1,196 shares during the last quarter. Chesley Taft & Associates LLC raised its holdings in shares of Medtronic by 11.7% in the first quarter. Chesley Taft & Associates LLC now owns 10,029 shares of the medical technology company’s stock valued at $913,000 after buying an additional 1,050 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of Medtronic by 204.3% in the first quarter. Marshall Wace LLP now owns 112,270 shares of the medical technology company’s stock valued at $10,226,000 after buying an additional 75,372 shares during the last quarter. Hedge funds and other institutional investors own 80.00% of the company’s stock.
NYSE MDT traded down $0.04 during trading hours on Friday, hitting $102.33. 3,632,162 shares of the stock were exchanged, compared to its average volume of 3,758,096. The company has a market cap of $136.72 billion, a P/E ratio of 19.60, a price-to-earnings-growth ratio of 2.61 and a beta of 0.67. Medtronic PLC has a 12-month low of $81.66 and a 12-month high of $103.95. The stock has a 50-day moving average of $99.63. The company has a current ratio of 2.59, a quick ratio of 2.15 and a debt-to-equity ratio of 0.49.
The business also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Monday, July 8th were given a dividend of $0.54 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 annualized dividend and a yield of 2.11%. The ex-dividend date was Friday, July 5th. Medtronic’s dividend payout ratio is presently 41.38%.
In other Medtronic news, EVP Hoedt Rob Ten sold 9,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $91.88, for a total transaction of $826,920.00. Following the transaction, the executive vice president now directly owns 58,785 shares in the company, valued at $5,401,165.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard H. Anderson bought 10,900 shares of the stock in a transaction on Friday, May 24th. The shares were bought at an average price of $92.40 per share, for a total transaction of $1,007,160.00. Following the completion of the transaction, the director now directly owns 89,912 shares of the company’s stock, valued at approximately $8,307,868.80. The disclosure for this purchase can be found here. Insiders have sold 91,701 shares of company stock worth $8,917,504 over the last 90 days. 0.28% of the stock is currently owned by company insiders.
A number of equities research analysts have recently commented on MDT shares. Royal Bank of Canada reduced their target price on shares of Medtronic to $100.00 and set an “outperform” rating for the company in a report on Tuesday, May 28th. Needham & Company LLC reaffirmed a “buy” rating on shares of Medtronic in a report on Tuesday, July 23rd. Barclays upped their target price on shares of Medtronic from $104.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Wells Fargo & Co raised shares of Medtronic from a “market perform” rating to an “outperform” rating and upped their target price for the company from $100.00 to $110.00 in a report on Tuesday, June 4th. Finally, Northland Securities reaffirmed a “hold” rating and issued a $100.00 target price on shares of Medtronic in a report on Thursday, June 20th. Seven analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Medtronic currently has an average rating of “Buy” and an average target price of $106.05.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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