Raub Brock Capital Management LP Makes New Investment in Medtronic plc (NYSE:MDT)

Raub Brock Capital Management LP bought a new position in shares of Medtronic plc (NYSE:MDT – Get Rating) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,980 shares of the medical technology company’s stock, valued at approximately $331,000.

Several other large investors also recently bought and sold shares of MDT. Norges Bank purchased a new stake in shares of Medtronic during the fourth quarter worth $1,349,223,000. BlackRock Inc. lifted 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 in the last quarter. Renaissance Technologies LLC lifted 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 in the last quarter. Nordea Investment Management AB lifted 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 in the last quarter. Finally, Capital Research Global Investors lifted 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 in the last quarter. Hedge funds and other institutional investors own 80.23% of the company’s stock.

Shares of NYSE:MDT opened at $89.25 on Thursday. The stock’s 50-day moving average price is $100.73 and its 200-day moving average price is $104.38. Medtronic plc has a 12-month low of $86.95 and a 12-month high of $135.89. The stock has a market capitalization of $119.73 billion, a P/E ratio of 23.93, a price-to-earnings-growth ratio of 2.27 and a beta of 0.74. The company has a current ratio of 1.86, a quick ratio of 1.49 and a debt-to-equity ratio of 0.39.

Medtronic (NYSE:MDT – Get Rating) last announced its quarterly earnings data on Thursday, May 26th. The medical technology company reported $1.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $8.43 billion. During the same period last year, the business posted $1.50 earnings per share. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. As a group, research analysts predict that Medtronic plc will post 5.56 EPS for the current 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 a boost from Medtronic’s previous quarterly dividend of $0.63. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend is Thursday, June 23rd. Medtronic’s dividend payout ratio (DPR) is 67.56%.

A number of equities research analysts recently issued reports on MDT shares. Credit Suisse Group lowered their price objective on Medtronic from $142.00 to $135.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 23rd. Bank of America started coverage on Medtronic in a research report on Tuesday, March 1st. They issued a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on Medtronic from $149.00 to $121.00 in a research report on Friday, May 27th. Cowen increased their price objective on Medtronic to $125.00 in a research report on Monday, May 23rd. Finally, Sanford C. Bernstein reiterated a “buy” rating and issued a $122.00 price objective on shares of Medtronic in a research report on Friday, May 20th. Ten analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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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