Oak Asset Management LLC Raises Holdings in Medtronic plc (NYSE:MDT)

by · The Markets Daily

Oak Asset Management LLC increased its stake in shares of Medtronic plc (NYSE:MDT – Free Report) by 1.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,080 shares of the medical technology company’s stock after acquiring an additional 443 shares during the quarter. Medtronic makes up 1.3% of Oak Asset Management LLC’s investment portfolio, making the stock its 21st largest position. Oak Asset Management LLC’s holdings in Medtronic were worth $3,602,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Norges Bank purchased a new stake in Medtronic during the 4th quarter valued at $1,163,580,000. Raymond James Financial Inc. bought a new position in shares of Medtronic during the fourth quarter valued at about $852,732,000. Beutel Goodman & Co Ltd. bought a new position in shares of Medtronic during the fourth quarter valued at about $377,169,000. Van ECK Associates Corp boosted its holdings in shares of Medtronic by 2,043.4% during the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after purchasing an additional 2,476,935 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Medtronic by 17.8% in the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after purchasing an additional 2,333,600 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

MDT stock opened at $85.71 on Thursday. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The firm has a market capitalization of $109.93 billion, a price-to-earnings ratio of 26.05, a PEG ratio of 2.22 and a beta of 0.81. The firm has a 50 day moving average price of $84.00 and a 200-day moving average price of $86.16.

Medtronic (NYSE:MDT – Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm had revenue of $8.93 billion for the quarter, compared to analysts’ expectations of $8.81 billion. During the same quarter in the prior year, the company posted $1.46 earnings per share. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities research analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.71 dividend. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.31%. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is presently 78.45%.

Analyst Ratings Changes

A number of research analysts have commented on MDT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Monday, May 19th. Truist Financial cut their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Wall Street Zen downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Robert W. Baird dropped their target price on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Finally, UBS Group boosted their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Nine research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.00.

Check Out Our Latest Analysis on MDT

Medtronic Company Profile

(Free Report)

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.

See Also

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