Medtronic plc (NYSE:MDT) Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC increased its stake in Medtronic plc (NYSE:MDT) by 32.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 636,341 shares of the medical technology company’s stock after acquiring an additional 154,700 shares during the period. Renaissance Technologies LLC’s holdings in Medtronic were worth $50,086,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Chemung Canal Trust Co. raised its position in shares of Medtronic by 1,467.5% in the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after buying an additional 44,846 shares during the period. Manning & Napier Advisors LLC purchased a new stake in shares of Medtronic during the 2nd quarter worth about $25,643,000. TD Asset Management Inc increased its position in Medtronic by 4.3% during the 4th quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock worth $85,199,000 after purchasing an additional 42,988 shares in the last quarter. SageView Advisory Group LLC raised its holdings in Medtronic by 130.3% in the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after buying an additional 9,523 shares during the period. Finally, Camden National Bank lifted its position in Medtronic by 98.7% during the fourth quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock valued at $9,890,000 after buying an additional 59,625 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT opened at $88.63 on Wednesday. The firm has a market cap of $113.65 billion, a price-to-earnings ratio of 32.23, a PEG ratio of 2.57 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The business’s 50 day moving average is $84.10 and its two-hundred day moving average is $82.87. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49.

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

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.16%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on MDT shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday, August 21st. Citigroup lowered their price target on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Oppenheimer upped their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. The Goldman Sachs Group started coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price for the company. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price 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.