Legal & General Group Plc Increases Stock Position in Medtronic PLC $MDT

Legal & General Group Plc grew its stake in shares of Medtronic PLC (NYSE:MDT) by 7.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 10,181,883 shares of the medical technology company’s stock after buying an additional 698,172 shares during the quarter. Legal & General Group Plc’s holdings in Medtronic were worth $978,072,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Curbstone Financial Management Corp lifted its stake in shares of Medtronic by 1.8% in the 4th quarter. Curbstone Financial Management Corp now owns 5,594 shares of the medical technology company’s stock worth $537,000 after purchasing an additional 100 shares during the period. New England Capital Financial Advisors LLC lifted its stake in shares of Medtronic by 7.8% in the 4th quarter. New England Capital Financial Advisors LLC now owns 1,403 shares of the medical technology company’s stock worth $135,000 after purchasing an additional 101 shares during the period. Baker Tilly Wealth Management LLC lifted its stake in shares of Medtronic by 3.3% in the 4th quarter. Baker Tilly Wealth Management LLC now owns 3,221 shares of the medical technology company’s stock worth $309,000 after purchasing an additional 102 shares during the period. Maseco LLP lifted its stake in shares of Medtronic by 32.1% in the 4th quarter. Maseco LLP now owns 444 shares of the medical technology company’s stock worth $43,000 after purchasing an additional 108 shares during the period. Finally, Holistic Financial Partners lifted its stake in shares of Medtronic by 3.0% in the 3rd quarter. Holistic Financial Partners now owns 3,697 shares of the medical technology company’s stock worth $352,000 after purchasing an additional 109 shares during the period. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MDT shares. Wells Fargo & Company started coverage on shares of Medtronic in a research note on Friday, January 30th. They issued an “overweight” rating and a $114.00 price objective on the stock. Barclays increased their price objective on shares of Medtronic from $118.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 1st. Piper Sandler lowered their price objective on shares of Medtronic from $105.00 to $91.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 1st. Jefferies Financial Group reiterated a “hold” rating and issued a $95.00 price objective on shares of Medtronic in a research note on Thursday, April 23rd. Finally, Weiss Ratings cut shares of Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday. Fifteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $106.45.

Medtronic Price Performance

NYSE MDT opened at $78.66 on Monday. Medtronic PLC has a 12 month low of $74.40 and a 12 month high of $106.33. The stock has a market cap of $100.99 billion, a price-to-earnings ratio of 21.91, a PEG ratio of 1.87 and a beta of 0.62. The company’s 50 day moving average is $83.50 and its two-hundred day moving average is $93.17. The company has a current ratio of 2.54, a quick ratio of 1.87 and a debt-to-equity ratio of 0.57.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Friday, March 27th were paid a dividend of $0.71 per share. The ex-dividend date was Friday, March 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.6%. Medtronic’s dividend payout ratio (DPR) is presently 79.11%.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter?defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).