Hedeker Wealth LLC Raises Stock Position in Medtronic plc (NYSE:MDT)

Hedeker Wealth LLC lifted its stake in shares of Medtronic plc (NYSE:MDTGet Rating) by 6.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,651 shares of the medical technology company’s stock after acquiring an additional 1,028 shares during the quarter. Hedeker Wealth LLC’s holdings in Medtronic were worth $1,958,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MDT. Norges Bank purchased a new position in shares of Medtronic during the fourth quarter worth approximately $1,349,223,000. BlackRock Inc. increased its position in shares of Medtronic by 4.7% during the fourth quarter. BlackRock Inc. now owns 107,903,362 shares of the medical technology company’s stock worth $11,162,603,000 after acquiring an additional 4,883,180 shares during the period. Renaissance Technologies LLC increased its position in shares of Medtronic by 680.7% during the fourth quarter. Renaissance Technologies LLC now owns 3,574,541 shares of the medical technology company’s stock worth $369,786,000 after acquiring an additional 3,116,700 shares during the period. Nordea Investment Management AB increased its position in shares of Medtronic by 25.8% during the fourth quarter. Nordea Investment Management AB now owns 9,829,594 shares of the medical technology company’s stock worth $1,026,996,000 after acquiring an additional 2,014,401 shares during the period. Finally, Capital Research Global Investors increased its position in shares of Medtronic by 10.6% during the fourth quarter. Capital Research Global Investors now owns 20,618,348 shares of the medical technology company’s stock worth $2,132,968,000 after acquiring an additional 1,974,556 shares during the period. 80.23% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:MDT traded up $0.07 on Thursday, hitting $89.32. 32,479 shares of the company were exchanged, compared to its average volume of 6,890,711. Medtronic plc has a 1-year low of $86.95 and a 1-year high of $135.89. The stock’s 50 day moving average price is $100.73 and its 200 day moving average price is $104.38. The company has a current ratio of 1.86, a quick ratio of 1.49 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $119.83 billion, a P/E ratio of 23.93, a price-to-earnings-growth ratio of 2.27 and a beta of 0.74.

Medtronic (NYSE:MDTGet Rating) last posted its quarterly earnings data on Thursday, May 26th. The medical technology company reported $1.52 EPS for the quarter, missing the consensus estimate of $1.56 by ($0.04). Medtronic had a return on equity of 14.50% and a net margin of 15.90%. The company had revenue of $8.09 billion for the quarter, compared to analyst estimates of $8.43 billion. During the same quarter in the previous year, the firm posted $1.50 earnings per share. The company’s quarterly revenue was down 1.2% on a year-over-year basis. On average, equities analysts predict that Medtronic plc will post 5.56 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Friday, June 24th will be paid a dividend of $0.68 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.63. This represents a $2.72 annualized dividend and a dividend yield of 3.05%. The ex-dividend date is Thursday, June 23rd. Medtronic’s payout ratio is presently 67.56%.

MDT has been the topic of several research reports. StockNews.com initiated coverage on shares of Medtronic in a report on Thursday, March 31st. They set a “buy” rating on the stock. Bank of America initiated coverage on shares of Medtronic in a report on Tuesday, March 1st. They set a “buy” rating on the stock. Piper Sandler cut their price objective on shares of Medtronic from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Thursday, May 26th. Sanford C. Bernstein reissued a “buy” rating and set a $122.00 price objective on shares of Medtronic in a report on Friday, May 20th. Finally, Citigroup cut their price objective on shares of Medtronic from $120.00 to $117.00 and set a “buy” rating on the stock in a report on Friday, May 27th. Ten research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $121.55.

About Medtronic (Get Rating)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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