Brown Advisory Inc. Reduces Stock Position in Medtronic PLC (NYSE:MDT)

Brown Advisory Inc. reduced its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 74.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 282,944 shares of the medical technology company's stock after selling 842,085 shares during the period. Brown Advisory Inc.'s holdings in Medtronic were worth $25,425,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in MDT. Norges Bank bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $1,163,580,000. Beutel Goodman & Co Ltd. bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $377,169,000. Invesco Ltd. increased its position in shares of Medtronic by 17.8% during the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after purchasing an additional 2,333,600 shares during the period. Burgundy Asset Management Ltd. bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $174,329,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $139,869,000. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

NYSE MDT traded up $0.62 during midday trading on Friday, hitting $90.02. The company had a trading volume of 12,258,801 shares, compared to its average volume of 7,021,901. The company has a market capitalization of $115.45 billion, a PE ratio of 24.87, a P/E/G ratio of 2.32 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The firm has a 50-day moving average price of $85.77 and a 200-day moving average price of $86.82. Medtronic PLC has a twelve month low of $76.68 and a twelve month high of $96.25.

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

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is 78.45%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Royal Bank Of Canada lowered their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Robert W. Baird reduced their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Finally, Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $97.47.

Medtronic Company Profile

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.