Medtronic plc (NYSE:MDT) Shares Acquired by Thornburg Investment Management Inc.

Thornburg Investment Management Inc. boosted its stake in Medtronic plc (NYSE:MDT) by 46.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 1,827,086 shares of the medical technology company’s stock after buying an additional 575,644 shares during the period. Medtronic comprises 2.0% of Thornburg Investment Management Inc.’s portfolio, making the stock its 12th largest position. Thornburg Investment Management Inc.’s holdings in Medtronic were worth $143,810,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Medtronic in the 4th quarter worth approximately $1,229,726,000. First Eagle Investment Management LLC lifted its stake in Medtronic by 54.5% in the fourth quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock valued at $775,169,000 after buying an additional 3,320,800 shares during the last quarter. M&G Plc bought a new stake in Medtronic in the first quarter valued at $259,160,000. Capital Research Global Investors grew its position in shares of 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 worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the last quarter. Finally, Pzena Investment Management LLC increased its holdings in shares of Medtronic by 30.9% in the 4th quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock worth $617,896,000 after acquiring an additional 1,769,985 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Down 0.7 %

Shares of NYSE MDT opened at $90.35 on Thursday. The business has a fifty day simple moving average of $83.09 and a 200-day simple moving average of $82.71. The company has a market cap of $115.85 billion, a price-to-earnings ratio of 32.85, a P/E/G ratio of 2.56 and a beta of 0.84. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.49. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. Sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.10%. Medtronic’s payout ratio is presently 101.82%.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of analyst reports. Robert W. Baird boosted their target price on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Stifel Nicolaus boosted their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Truist Financial boosted their price target on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Wells Fargo & Company upped their price objective on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Finally, Citigroup reduced their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus price target of $92.92.

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.