Keene & Associates Inc. Boosts Holdings in Medtronic plc (NYSE:MDT)

Keene & Associates Inc. increased its holdings in shares of Medtronic plc (NYSE:MDT) by 0.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 38,941 shares of the medical technology company’s stock after buying an additional 127 shares during the period. Medtronic comprises 2.7% of Keene & Associates Inc.’s investment portfolio, making the stock its 19th largest holding. Keene & Associates Inc.’s holdings in Medtronic were worth $3,506,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. M&G Plc acquired a new stake in shares of Medtronic in the first quarter valued at $259,160,000. Capital Research Global Investors increased its holdings in Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its position in Medtronic by 1,195.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after purchasing an additional 1,695,800 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Medtronic by 8,908.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after buying an additional 1,284,002 shares during the period. Finally, Troy Asset Management Ltd acquired a new position in shares of Medtronic during the second quarter worth about $85,440,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on MDT. Wells Fargo & Company raised their target price on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Robert W. Baird lifted their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Truist Financial increased their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $98.00 to $105.00 in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Price Performance

Shares of NYSE MDT opened at $92.27 on Thursday. 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 stock has a market cap of $118.32 billion, a P/E ratio of 33.55, a P/E/G ratio of 2.53 and a beta of 0.84. The stock has a 50 day moving average of $89.04 and a two-hundred day moving average of $83.74. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.39.

Medtronic (NYSE:MDT) last issued its quarterly 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%. Medtronic’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.20 EPS. On average, research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio is presently 101.82%.

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.