Dimensional Fund Advisors LP Purchases 515,751 Shares of Medtronic plc (NYSE:MDT)

Dimensional Fund Advisors LP raised its position in Medtronic plc (NYSE:MDT) by 7.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,120,554 shares of the medical technology company’s stock after purchasing an additional 515,751 shares during the period. Dimensional Fund Advisors LP owned approximately 0.56% of Medtronic worth $560,494,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of MDT. Capital Research Global Investors raised its holdings in Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Medtronic by 3.5% during the first quarter. Bank of New York Mellon Corp now owns 21,817,063 shares of the medical technology company’s stock worth $1,901,357,000 after acquiring an additional 727,931 shares during the period. Norges Bank bought a new stake in Medtronic in the 4th quarter valued at $1,229,726,000. Sanders Capital LLC raised its stake in shares of Medtronic by 2.8% during the 4th 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 boosted its holdings in shares of Medtronic by 8.3% in the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after buying an additional 637,931 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of NYSE:MDT opened at $90.00 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. The company has a market capitalization of $115.40 billion, a PE ratio of 32.73, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company has a fifty day moving average of $83.60 and a 200-day moving average of $82.79.

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, equities analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is presently 101.82%.

Analyst Upgrades and Downgrades

MDT has been the topic of several recent analyst reports. Wells Fargo & Company boosted their price objective on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. The Goldman Sachs Group initiated coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, August 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Finally, Piper Sandler boosted their price target on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average 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.