Ilmarinen Mutual Pension Insurance Co Buys Shares of 55,000 Medtronic PLC $MDT

Ilmarinen Mutual Pension Insurance Co bought a new stake in shares of Medtronic PLC (NYSE:MDT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 55,000 shares of the medical technology company’s stock, valued at approximately $5,283,000.

A number of other hedge funds have also made changes to their positions in MDT. Barclays PLC raised its holdings in shares of Medtronic by 104.6% during the third quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company’s stock valued at $650,604,000 after acquiring an additional 3,492,192 shares during the last quarter. Schroder Investment Management Group raised its position in shares of Medtronic by 78.3% in the third quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company’s stock valued at $717,143,000 after buying an additional 3,307,211 shares during the last quarter. Guinness Asset Management LTD acquired a new stake in shares of Medtronic in the third quarter valued at about $275,556,000. Wellington Management Group LLP raised its position in shares of Medtronic by 35.3% in the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock valued at $970,456,000 after buying an additional 2,658,981 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Medtronic by 2,297.7% in the fourth quarter. SG Americas Securities LLC now owns 2,510,712 shares of the medical technology company’s stock valued at $241,179,000 after buying an additional 2,406,000 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

MDT has been the subject of a number of recent research reports. JPMorgan Chase & Co. reduced their target price on shares of Medtronic from $105.00 to $100.00 and set a “neutral” rating for the company in a research report on Wednesday, February 18th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $95.00 price target on shares of Medtronic in a report on Thursday, April 23rd. Evercore set a $106.00 price target on Medtronic and gave the company an “outperform” rating in a report on Thursday, April 9th. Argus cut their price target on Medtronic from $125.00 to $115.00 and set a “buy” rating for the company in a report on Monday, April 6th. Finally, Weiss Ratings cut Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.45.

Medtronic Price Performance

Medtronic stock opened at $73.73 on Friday. Medtronic PLC has a 12-month low of $73.67 and a 12-month high of $106.33. The stock has a market cap of $94.66 billion, a P/E ratio of 20.54, a PEG ratio of 1.80 and a beta of 0.62. The company has a 50-day moving average price of $82.36 and a 200 day moving average price of $92.65. 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 firm 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 of this dividend was Friday, March 27th. This represents a $2.84 annualized dividend and a yield of 3.9%. Medtronic’s dividend payout ratio (DPR) is 79.11%.

Medtronic Profile

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).