Randolph Co Inc Boosts Position in Medtronic plc (NYSE:MDT)

Randolph Co Inc increased its holdings in Medtronic plc (NYSE:MDT) by 0.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 292,310 shares of the medical technology company’s stock after acquiring an additional 154 shares during the quarter. Medtronic comprises approximately 2.6% of Randolph Co Inc’s portfolio, making the stock its 17th biggest position. Randolph Co Inc’s holdings in Medtronic were worth $23,350,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in MDT. Norges Bank purchased a new position in Medtronic during the fourth quarter valued at $1,163,580,000. Raymond James Financial Inc. bought a new position in shares of Medtronic in the 4th quarter worth about $852,732,000. Beutel Goodman & Co Ltd. purchased a new position in Medtronic during the 4th quarter valued at about $377,169,000. Van ECK Associates Corp boosted its stake in 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 acquiring an additional 2,476,935 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in 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 period. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on MDT. Truist Financial reduced their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and upped their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Robert W. Baird raised their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, UBS Group upped their price objective on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average price target of $96.14.

Medtronic Stock Performance

NYSE MDT opened at $83.98 on Tuesday. The business has a 50 day simple moving average of $88.08 and a two-hundred day simple moving average of $87.21. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The stock has a market capitalization of $107.71 billion, a PE ratio of 25.53, a P/E/G ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The business had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. On average, research analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.33%. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

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.