Mesirow Financial Investment Management Inc. Raises Stock Position in Medtronic plc (NYSE:MDT)

Mesirow Financial Investment Management Inc. increased its holdings in shares of Medtronic plc (NYSE:MDT) by 0.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 138,930 shares of the medical technology company’s stock after purchasing an additional 128 shares during the period. Mesirow Financial Investment Management Inc.’s holdings in Medtronic were worth $10,938,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in MDT. Capital Research Global Investors grew its stake in shares of Medtronic by 7.1% in 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 in the last quarter. Bank of New York Mellon Corp grew its position in Medtronic by 3.5% in the first quarter. Bank of New York Mellon Corp now owns 21,817,063 shares of the medical technology company’s stock valued at $1,901,357,000 after acquiring an additional 727,931 shares in the last quarter. Norges Bank purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $1,229,726,000. Sanders Capital LLC lifted its position in shares of Medtronic by 2.8% during the fourth quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock worth $1,040,802,000 after purchasing an additional 346,641 shares in the last quarter. Finally, Pzena Investment Management LLC lifted its position in shares of Medtronic by 8.3% during the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock worth $653,854,000 after purchasing an additional 637,931 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on MDT shares. Truist Financial lifted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Stifel Nicolaus lifted their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Barclays increased their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. The Goldman Sachs Group initiated coverage on Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective on the stock. Finally, Citigroup cut their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $92.92.

Medtronic Stock Performance

Medtronic stock opened at $90.00 on Monday. The company has a market cap of $115.40 billion, a PE ratio of 32.73, a P/E/G ratio of 2.57 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 fifty day moving average price of $83.60 and a two-hundred day moving average price of $82.79. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last posted 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. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.20 EPS. Research analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is 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.