Medtronic plc (NYSE:MDT) Shares Bought by Payden & Rygel

Payden & Rygel boosted its holdings in shares of Medtronic plc (NYSE:MDT – Get Rating) by 152.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 323,300 shares of the medical technology company’s stock after acquiring an additional 195,130 shares during the quarter. Medtronic comprises 1.8% of Payden & Rygel’s holdings, making the stock its 15th largest holding. Payden & Rygel’s holdings in Medtronic were worth $35,870,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. MFA Wealth Advisors LLC purchased a new position in shares of Medtronic during the third quarter worth $79,000. Chartwell Investment Partners LLC boosted its position in shares of Medtronic by 8.9% during the third quarter. Chartwell Investment Partners LLC now owns 49,450 shares of the medical technology company’s stock worth $6,199,000 after buying an additional 4,039 shares during the period. EP Wealth Advisors LLC boosted its position in shares of Medtronic by 1,291.5% during the third quarter. EP Wealth Advisors LLC now owns 73,346 shares of the medical technology company’s stock worth $695,000 after buying an additional 68,075 shares during the period. Cetera Advisor Networks LLC boosted its position in shares of Medtronic by 10.6% during the third quarter. Cetera Advisor Networks LLC now owns 70,463 shares of the medical technology company’s stock worth $8,833,000 after buying an additional 6,771 shares during the period. Finally, Cetera Advisors LLC boosted its position in shares of Medtronic by 10.5% during the third quarter. Cetera Advisors LLC now owns 34,673 shares of the medical technology company’s stock worth $4,346,000 after buying an additional 3,289 shares during the period. 80.23% of the stock is owned by institutional investors.

Shares of MDT traded up $0.15 during midday trading on Thursday, reaching $89.40. 24,323 shares of the stock were exchanged, compared to its average volume of 6,890,711. The business’s 50-day moving average price is $100.73 and its 200 day moving average price is $104.38. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.86 and a quick ratio of 1.49. Medtronic plc has a twelve month low of $86.95 and a twelve month high of $135.89. The company has a market capitalization of $119.93 billion, a price-to-earnings ratio of 23.93, a PEG ratio of 2.27 and a beta of 0.74.

Medtronic (NYSE:MDT – Get Rating) last issued its quarterly earnings results on Thursday, May 26th. The medical technology company reported $1.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.56 by ($0.04). Medtronic had a net margin of 15.90% and a return on equity of 14.50%. The company had revenue of $8.09 billion during the quarter, compared to analyst estimates of $8.43 billion. During the same quarter last year, the firm earned $1.50 EPS. The business’s revenue was down 1.2% on a year-over-year basis. As a group, equities research analysts expect that Medtronic plc will post 5.56 earnings per share for the current fiscal year.

The company also recently declared 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 a positive change from Medtronic’s previous quarterly dividend of $0.63. The ex-dividend date is Thursday, June 23rd. This represents a $2.72 annualized dividend and a dividend yield of 3.04%. Medtronic’s payout ratio is 67.56%.

MDT has been the subject of several research analyst reports. Truist Financial lowered their price target on Medtronic from $121.00 to $111.00 and set a “hold” rating for the company in a research report on Friday, May 27th. Morgan Stanley decreased their target price on Medtronic from $115.00 to $114.00 and set an “equal weight” rating for the company in a report on Tuesday, June 7th. Bank of America assumed coverage on Medtronic in a report on Tuesday, March 1st. They issued a “buy” rating for the company. Raymond James decreased their target price on Medtronic from $116.00 to $109.00 in a report on Tuesday, May 31st. Finally, Citigroup decreased their target price on Medtronic from $120.00 to $117.00 and set a “buy” rating for the company in a report on Friday, May 27th. Ten investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $121.55.

Medtronic Company Profile (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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