Palouse Capital Management Inc. Acquires 4,810 Shares of Medtronic plc (NYSE:MDT)

Palouse Capital Management Inc. boosted its stake in shares of Medtronic plc (NYSE:MDT) by 18.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 31,009 shares of the medical technology company’s stock after buying an additional 4,810 shares during the period. Medtronic makes up approximately 1.8% of Palouse Capital Management Inc.’s holdings, making the stock its 24th biggest holding. Palouse Capital Management Inc.’s holdings in Medtronic were worth $2,792,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. M&G Plc bought a new stake in shares of Medtronic in the first quarter valued at about $259,160,000. Capital Research Global Investors boosted its position in Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Medtronic by 1,195.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after acquiring an additional 1,695,800 shares in the last quarter. Troy Asset Management Ltd acquired a new stake in shares of Medtronic in the second quarter valued at approximately $85,440,000. Finally, 1832 Asset Management L.P. boosted its holdings in Medtronic by 26.9% during the second quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock worth $386,908,000 after purchasing an additional 1,041,863 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on MDT shares. Citigroup upped their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Robert W. Baird boosted their target price on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Oppenheimer upped their target price on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Finally, Stifel Nicolaus boosted their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average target price of $95.36.

Medtronic Price Performance

NYSE MDT traded down $0.99 on Monday, hitting $91.25. 2,620,138 shares of the company’s stock were exchanged, compared to its average volume of 6,237,964. The stock has a 50-day moving average of $88.45 and a 200-day moving average of $83.58. The stock has a market cap of $117.01 billion, a price-to-earnings ratio of 33.54, a P/E/G ratio of 2.53 and a beta of 0.84. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.25. 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 released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s revenue was up 3.4% compared to the same quarter last year. During the same period last year, the firm posted $1.20 earnings per share. Analysts expect that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.07%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

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.