Forsta AP Fonden Has $27.70 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Forsta AP Fonden raised its holdings in shares of Medtronic plc (NYSE:MDT) by 8.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 307,700 shares of the medical technology company’s stock after purchasing an additional 24,900 shares during the quarter. Forsta AP Fonden’s holdings in Medtronic were worth $27,702,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Chemung Canal Trust Co. lifted its holdings in Medtronic by 1,467.5% during the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after purchasing an additional 44,846 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in Medtronic during the 2nd quarter worth $25,643,000. SageView Advisory Group LLC increased its position in Medtronic by 130.3% during the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after buying an additional 9,523 shares during the period. Daiwa Securities Group Inc. increased its position in Medtronic by 10.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 135,268 shares of the medical technology company’s stock worth $11,789,000 after buying an additional 12,250 shares during the period. Finally, Burns J W & Co. Inc. NY increased its position in Medtronic by 17.4% during the 1st quarter. Burns J W & Co. Inc. NY now owns 3,276 shares of the medical technology company’s stock worth $286,000 after buying an additional 486 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the topic of several recent research reports. Barclays increased their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Oppenheimer raised their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Truist Financial raised their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Stifel Nicolaus raised 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. Finally, Evercore ISI raised their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $95.36.

Medtronic Price Performance

NYSE:MDT traded down $0.40 during trading hours on Friday, hitting $90.59. The company’s stock had a trading volume of 3,446,977 shares, compared to its average volume of 6,215,464. The stock has a fifty day simple moving average of $89.30 and a 200-day simple moving average of $83.84. The company has a market capitalization of $116.18 billion, a P/E ratio of 30.60, a PEG ratio of 2.60 and a beta of 0.84. 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 plc has a twelve month low of $68.84 and a twelve month high of $92.68.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period last year, the firm posted $1.20 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s payout ratio is 94.59%.

Medtronic Company Profile

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.