QRG Capital Management Inc. Buys 165,077 Shares of Medtronic plc (NYSE:MDT)

by · The Cerbat Gem

QRG Capital Management Inc. increased its position in Medtronic plc (NYSE:MDT – Free Report) by 70.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 398,065 shares of the medical technology company’s stock after buying an additional 165,077 shares during the period. QRG Capital Management Inc.’s holdings in Medtronic were worth $35,838,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. National Pension Service grew its stake in Medtronic by 14.9% in the third quarter. National Pension Service now owns 2,678,032 shares of the medical technology company’s stock worth $241,103,000 after purchasing an additional 347,967 shares in the last quarter. Silicon Valley Capital Partners raised its stake in Medtronic by 0.6% in the 3rd quarter. Silicon Valley Capital Partners now owns 108,010 shares of the medical technology company’s stock worth $9,724,000 after acquiring an additional 653 shares during the last quarter. CORDA Investment Management LLC. raised its stake in Medtronic by 2.9% in the 3rd quarter. CORDA Investment Management LLC. now owns 241,885 shares of the medical technology company’s stock worth $21,777,000 after acquiring an additional 6,921 shares during the last quarter. Chaney Capital Management Inc. purchased a new position in shares of Medtronic during the 3rd quarter valued at about $432,000. Finally, Wetzel Investment Advisors Inc. grew its position in shares of Medtronic by 9.3% during the 3rd quarter. Wetzel Investment Advisors Inc. now owns 3,444 shares of the medical technology company’s stock valued at $312,000 after acquiring an additional 293 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT stock traded up $0.12 during trading hours on Monday, reaching $90.19. 218,105 shares of the company’s stock were exchanged, compared to its average volume of 6,176,810. The stock has a market capitalization of $115.67 billion, a P/E ratio of 30.54, a P/E/G ratio of 2.55 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a fifty-two week low of $69.32 and a fifty-two week high of $92.68. The business has a fifty day moving average price of $89.64 and a 200-day moving average price of $84.20.

Medtronic (NYSE:MDT – Get Free Report) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the prior year, the firm posted $1.20 earnings per share. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.10%. Medtronic’s payout ratio is presently 94.59%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on MDT shares. Evercore ISI raised their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Oppenheimer lifted their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and upped their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Wells Fargo & Company raised their price target on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $95.36.

Get Our Latest Analysis on MDT

Medtronic 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.

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