Tredje AP fonden Has $25.29 Million Holdings in Medtronic plc (NYSE:MDT)

Tredje AP fonden increased its stake in shares of Medtronic plc (NYSE:MDT) by 3.2% during the second quarter, HoldingsChannel.com reports. The fund owned 321,282 shares of the medical technology company’s stock after purchasing an additional 10,000 shares during the period. Tredje AP fonden’s holdings in Medtronic were worth $25,288,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. LifeSteps Financial Inc. bought a new position in shares of Medtronic in the first quarter valued at approximately $27,000. Lynx Investment Advisory acquired a new position in Medtronic in the 2nd quarter valued at $28,000. Tributary Capital Management LLC bought a new position in Medtronic in the 1st quarter worth $33,000. Fortis Group Advisors LLC lifted its position in Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 230 shares during the last quarter. Finally, Riverview Trust Co bought a new stake in Medtronic during the first quarter valued at about $39,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

NYSE:MDT opened at $88.63 on Wednesday. The stock has a market capitalization of $113.65 billion, a P/E ratio of 32.23, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The firm has a 50 day moving average of $84.10 and a 200-day moving average of $82.87.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the previous year, the company posted $1.20 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.70 dividend. 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 is presently 101.82%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MDT. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Piper Sandler upped their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Oppenheimer raised their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Truist Financial boosted their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Finally, Citigroup reduced their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $92.92.

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.