Fosun International Ltd Increases Stock Position in Medtronic PLC (NYSE:MDT)

Fosun International Ltd raised its holdings in Medtronic PLC (NYSE:MDT) by 49.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,900 shares of the medical technology company’s stock after purchasing an additional 9,600 shares during the period. Fosun International Ltd’s holdings in Medtronic were worth $2,660,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. RFG Advisory LLC raised its position in shares of Medtronic by 102.7% in the fourth quarter. RFG Advisory LLC now owns 6,512 shares of the medical technology company’s stock valued at $739,000 after buying an additional 3,300 shares during the last quarter. Montecito Bank & Trust raised its position in shares of Medtronic by 33.9% in the fourth quarter. Montecito Bank & Trust now owns 6,321 shares of the medical technology company’s stock valued at $717,000 after buying an additional 1,600 shares during the last quarter. Norris Perne & French LLP MI acquired a new position in shares of Medtronic in the fourth quarter valued at approximately $210,000. Barnett & Company Inc. acquired a new position in shares of Medtronic in the fourth quarter valued at approximately $34,000. Finally, S.E.E.D. Planning Group LLC acquired a new position in shares of Medtronic in the fourth quarter valued at approximately $390,000. 81.74% of the stock is currently owned by institutional investors.

A number of equities analysts have recently weighed in on the stock. Oppenheimer cut their price objective on shares of Medtronic from $131.00 to $112.00 and set an “outperform” rating for the company in a research report on Friday. Wells Fargo & Co cut their price objective on shares of Medtronic from $130.00 to $108.00 and set an “overweight” rating for the company in a research report on Wednesday, April 22nd. BTIG Research dropped their price target on shares of Medtronic from $124.00 to $102.00 and set a “buy” rating for the company in a research report on Monday, March 30th. Credit Suisse Group dropped their price target on shares of Medtronic from $126.00 to $121.00 and set an “outperform” rating for the company in a research report on Friday, March 6th. Finally, SVB Leerink upped their price target on shares of Medtronic from $100.00 to $105.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 28th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $115.03.

Shares of MDT stock traded down $1.54 on Friday, hitting $93.87. The stock had a trading volume of 427,164 shares, compared to its average volume of 5,117,837. The firm has a market capitalization of $124.93 billion, a price-to-earnings ratio of 23.74, a P/E/G ratio of 2.64 and a beta of 0.69. The stock’s 50 day moving average is $96.59 and its 200-day moving average is $105.87. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.28 and a current ratio of 2.75. Medtronic PLC has a 52-week low of $72.13 and a 52-week high of $122.15.

Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 21st. The medical technology company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $1.28 by ($0.70). The firm had revenue of $6 billion during the quarter, compared to analysts’ expectations of $6.10 billion. Medtronic had a net margin of 17.11% and a return on equity of 14.76%. Medtronic’s revenue for the quarter was down 26.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.54 earnings per share. Equities analysts expect that Medtronic PLC will post 4.68 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be paid a $0.58 dividend. The ex-dividend date is Thursday, June 25th. This is an increase from Medtronic’s previous quarterly dividend of $0.54. This represents a $2.32 annualized dividend and a dividend yield of 2.47%. Medtronic’s dividend payout ratio is 41.38%.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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