CCM Investment Group LLC Buys New Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• CCM Investment Group LLC has invested approximately $5.48 million in Medtronic PLC by acquiring 62,546 shares of the company, highlighting growing institutional interest.
• Medtronic reported a quarterly earnings per share of $1.62, surpassing the consensus estimate, with a revenue of $8.93 billion for the quarter.
• The company has announced a quarterly dividend increase to $0.71 per share, reflecting a yield of 3.1% and a dividend payout ratio of 78.45%.

CCM Investment Group LLC acquired a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 62,546 shares of the medical technology company's stock, valued at approximately $5,481,000.

A number of other large investors have also recently made changes to their positions in the stock. Dunhill Financial LLC boosted its position in shares of Medtronic by 17.2% in 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 during the period. Cidel Asset Management Inc. increased its position in Medtronic by 1.3% in the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock worth $856,000 after buying an additional 126 shares during the period. Petros Family Wealth LLC increased its position in shares of Medtronic by 4.3% during the first 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 during the period. Motco grew its position in Medtronic by 27.0% in the first quarter. Motco now owns 635 shares of the medical technology company's stock valued at $57,000 after acquiring an additional 135 shares during the period. Finally, Baker Avenue Asset Management LP boosted its stake in Medtronic by 3.1% in the first quarter. Baker Avenue Asset Management LP now owns 4,558 shares of the medical technology company's stock worth $410,000 after purchasing an additional 136 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on MDT shares. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Mizuho upped their price target on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Leerink Partners started coverage on Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective for the company. William Blair upgraded Medtronic to a "hold" rating in a report on Friday, July 11th. Finally, Morgan Stanley restated an "overweight" rating and issued a $107.00 price target (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Twelve research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Medtronic has an average rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Stock Performance

NYSE:MDT traded up $0.81 during mid-day trading on Wednesday, hitting $92.89. 6,594,841 shares of the stock were exchanged, compared to its average volume of 7,637,530. The stock has a market capitalization of $119.07 billion, a price-to-earnings ratio of 25.66, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80. The firm's 50-day simple moving average is $88.96 and its 200 day simple moving average is $87.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25.

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

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a $0.71 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is presently 78.45%.

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.