Bowen Hanes & Co. Inc. Trims Stock Holdings in Medtronic PLC $MDT

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Bowen Hanes & Co. Inc. trimmed its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 34.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,654 shares of the medical technology company's stock after selling 7,741 shares during the period. Bowen Hanes & Co. Inc.'s holdings in Medtronic were worth $1,317,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Dunhill Financial LLC grew its position in shares of Medtronic by 17.2% during the 1st quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock valued at $76,000 after purchasing an additional 124 shares in the last quarter. Cidel Asset Management Inc. grew its position in shares of Medtronic by 1.3% during the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock valued at $856,000 after purchasing an additional 126 shares in the last quarter. Petros Family Wealth LLC grew its position in shares of Medtronic by 4.3% during the 1st quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after purchasing an additional 127 shares in the last quarter. Motco grew its position in shares of Medtronic by 27.0% during the 1st quarter. Motco now owns 635 shares of the medical technology company's stock valued at $57,000 after purchasing an additional 135 shares in the last quarter. Finally, Baker Avenue Asset Management LP grew its position in shares of Medtronic by 3.1% during the 1st quarter. Baker Avenue Asset Management LP now owns 4,558 shares of the medical technology company's stock valued at $410,000 after purchasing an additional 136 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $92.74 on Tuesday. The company has a market cap of $118.87 billion, a price-to-earnings ratio of 25.62, a price-to-earnings-growth ratio of 2.42 and a beta of 0.80. The company has a 50-day moving average price of $89.43 and a 200-day moving average price of $87.97. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.46 earnings per share. As a group, equities analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, September 26th. This represents a $2.84 annualized dividend and a dividend yield of 3.1%. Medtronic's payout ratio is currently 78.45%.

Analysts Set New Price Targets

A number of research firms have recently commented on MDT. Wall Street Zen lowered shares of Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Morgan Stanley reaffirmed an "overweight" rating and set a $107.00 price objective (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Citigroup lifted their price objective on shares of Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Twelve equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Medtronic has a consensus rating of "Moderate Buy" and an average price target of $98.19.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.