Robeco Institutional Asset Management B.V. Increases Stock Holdings in Medtronic plc (NYSE:MDT)

Robeco Institutional Asset Management B.V. grew its holdings in shares of Medtronic plc (NYSE:MDT) by 5.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 784,567 shares of the medical technology company’s stock after purchasing an additional 37,089 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in Medtronic were worth $70,635,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Capital Research Global Investors increased its holdings in Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after buying an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC grew its position in shares of Medtronic by 8.3% during the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after acquiring an additional 637,931 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Medtronic by 7.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after purchasing an additional 515,751 shares in the last quarter. Longview Partners Guernsey LTD raised its holdings in Medtronic by 2.3% in the 1st quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after purchasing an additional 147,737 shares during the period. Finally, Raymond James & Associates lifted its position in Medtronic by 2.3% during the third quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock valued at $575,460,000 after purchasing an additional 145,504 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

NYSE:MDT opened at $89.31 on Tuesday. The business’s 50-day moving average is $89.64 and its 200 day moving average is $84.27. Medtronic plc has a 12 month low of $69.32 and a 12 month high of $92.68. The company has a market capitalization of $114.54 billion, a P/E ratio of 30.17, a P/E/G ratio of 2.55 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 (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates 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 period in the prior year, the company earned $1.20 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.14%. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Truist Financial raised their target price on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Piper Sandler increased their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus price target of $95.36.

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.