UNIVEST FINANCIAL Corp Invests $214,000 in Medtronic PLC (NYSE:MDT)

UNIVEST FINANCIAL Corp acquired a new position in Medtronic PLC (NYSE:MDT) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,382 shares of the medical technology company’s stock, valued at approximately $214,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MDT. Invesco Ltd. boosted its holdings in shares of Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. Burgundy Asset Management Ltd. purchased a new position in shares of Medtronic in the 4th quarter worth about $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Medtronic in the 4th quarter worth about $139,869,000. Mackenzie Financial Corp lifted its stake in shares of Medtronic by 220.9% in the 1st quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company’s stock valued at $216,753,000 after acquiring an additional 1,660,357 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Medtronic by 21.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,910,161 shares of the medical technology company’s stock valued at $711,744,000 after acquiring an additional 1,566,776 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Leerink Partners assumed coverage on Medtronic in a research note on Monday, June 16th. They issued an “outperform” rating and a $110.00 target price for the company. Citigroup boosted their target price on Medtronic from $98.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Royal Bank Of Canada lowered their target price on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Leerink Partnrs raised Medtronic to a “strong-buy” rating in a research note on Monday, June 16th. Finally, Wall Street Zen raised Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. Eleven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $98.19.

Medtronic Stock Down 1.0%

Shares of NYSE:MDT opened at $89.31 on Friday. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25. The firm has a market capitalization of $114.54 billion, a P/E ratio of 24.67, a P/E/G ratio of 2.34 and a beta of 0.80. The stock has a 50 day moving average price of $87.76 and a 200-day moving average price of $87.82. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85.

Medtronic (NYSE:MDT) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same quarter in the prior year, the company earned $1.46 EPS. The business’s revenue was up 3.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given a $0.71 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.2%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio is currently 78.45%.

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.