Cantor Fitzgerald Investment Advisors L.P. Reduces Holdings in Medtronic PLC (NYSE:MDT)

Cantor Fitzgerald Investment Advisors L.P. trimmed its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 9.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 185,572 shares of the medical technology company's stock after selling 18,926 shares during the period. Medtronic accounts for 1.2% of Cantor Fitzgerald Investment Advisors L.P.'s portfolio, making the stock its 24th largest holding. Cantor Fitzgerald Investment Advisors L.P.'s holdings in Medtronic were worth $16,676,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. TCTC Holdings LLC grew its stake in Medtronic by 3.4% during the fourth quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company's stock valued at $3,173,000 after acquiring an additional 1,301 shares in the last quarter. Brighton Jones LLC lifted its position in Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Oxford Asset Management LLP lifted its position in Medtronic by 70.1% during the fourth quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock valued at $594,000 after purchasing an additional 3,068 shares during the last quarter. New Vernon Investment Management LLC lifted its position in Medtronic by 304.9% during the fourth quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock valued at $2,425,000 after purchasing an additional 22,300 shares during the last quarter. Finally, Advisor OS LLC lifted its position in Medtronic by 152.0% during the fourth quarter. Advisor OS LLC now owns 11,800 shares of the medical technology company's stock valued at $943,000 after purchasing an additional 7,118 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of MDT stock traded up $0.57 during mid-day trading on Friday, hitting $86.30. 13,076,756 shares of the stock were exchanged, compared to its average volume of 6,927,998. The firm has a fifty day moving average of $84.49 and a 200 day moving average of $86.26. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 52-week low of $75.96 and a 52-week high of $96.25. The company has a market cap of $110.68 billion, a PE ratio of 23.84, a price-to-earnings-growth ratio of 2.31 and a beta of 0.79.

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

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.29%. Medtronic's dividend payout ratio is presently 77.35%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Truist Financial lowered their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Royal Bank Of Canada decreased their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Leerink Partners began coverage on shares of Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 target price on the stock. Eight 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 company. Based on data from MarketBeat, Medtronic currently has an average rating of "Moderate Buy" and a consensus price target of $97.87.

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.