Medtronic plc (NYSE:MDT) Position Increased by Renaissance Technologies LLC

Renaissance Technologies LLC lifted its holdings in Medtronic plc (NYSE:MDT) by 32.1% during the second quarter, HoldingsChannel reports. The institutional investor owned 636,341 shares of the medical technology company’s stock after purchasing an additional 154,700 shares during the period. Renaissance Technologies LLC’s holdings in Medtronic were worth $50,086,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Boyar Asset Management Inc. lifted its holdings in Medtronic by 2.6% in the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after acquiring an additional 120 shares during the last quarter. Quent Capital LLC lifted its holdings in shares of Medtronic by 8.0% in the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after purchasing an additional 125 shares during the last quarter. Abbrea Capital LLC boosted its position in Medtronic by 2.5% during the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock valued at $446,000 after purchasing an additional 125 shares during the period. Waterway Wealth Management LLC grew its stake in Medtronic by 4.8% during the 2nd quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock worth $217,000 after buying an additional 126 shares during the last quarter. Finally, Angeles Investment Advisors LLC lifted its stake in Medtronic by 1.0% in the fourth quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock valued at $1,046,000 after buying an additional 128 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of NYSE MDT opened at $88.63 on Wednesday. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The firm has a 50-day moving average of $84.10 and a two-hundred day moving average of $82.87. The company has a market capitalization of $113.65 billion, a price-to-earnings ratio of 32.23, a PEG ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the firm posted $1.20 earnings per share. As a group, analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Piper Sandler increased their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Robert W. Baird boosted their price objective on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Stifel Nicolaus increased their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Wells Fargo & Company boosted their price target on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Finally, UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $92.92.

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.