Cerity Partners LLC Acquires 315,066 Shares of Medtronic PLC (NYSE:MDT)

Cerity Partners LLC lifted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 122.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 573,034 shares of the medical technology company's stock after buying an additional 315,066 shares during the quarter. Cerity Partners LLC's holdings in Medtronic were worth $51,495,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of MDT. Alps Advisors Inc. lifted its position in Medtronic by 1.1% in the 1st quarter. Alps Advisors Inc. now owns 27,427 shares of the medical technology company's stock valued at $2,465,000 after purchasing an additional 290 shares during the last quarter. Stonebrook Private Inc. lifted its position in Medtronic by 1.6% in the 1st quarter. Stonebrook Private Inc. now owns 26,429 shares of the medical technology company's stock valued at $2,375,000 after purchasing an additional 422 shares during the last quarter. Peddock Capital Advisors LLC lifted its position in Medtronic by 5.6% in the 1st quarter. Peddock Capital Advisors LLC now owns 2,648 shares of the medical technology company's stock valued at $238,000 after purchasing an additional 141 shares during the last quarter. Quotient Wealth Partners LLC lifted its position in Medtronic by 6.0% in the 1st quarter. Quotient Wealth Partners LLC now owns 8,297 shares of the medical technology company's stock valued at $746,000 after purchasing an additional 466 shares during the last quarter. Finally, Moloney Securities Asset Management LLC lifted its position in Medtronic by 28.3% in the 1st quarter. Moloney Securities Asset Management LLC now owns 44,010 shares of the medical technology company's stock valued at $3,955,000 after purchasing an additional 9,704 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MDT. Mizuho cut their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Leerink Partners assumed coverage on shares of Medtronic in a research note on Monday, June 16th. They set an "outperform" rating and a $110.00 target price on the stock. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Finally, Evercore ISI raised their target price on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research note on Tuesday. Nine analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $97.47.

Medtronic Trading Up 0.7%

Medtronic stock traded up $0.62 during midday trading on Friday, reaching $90.02. The stock had a trading volume of 12,258,801 shares, compared to its average volume of 7,021,901. The firm's fifty day simple moving average is $85.77 and its two-hundred day simple moving average is $86.82. Medtronic PLC has a twelve month low of $76.68 and a twelve month high of $96.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The firm has a market cap of $115.45 billion, a price-to-earnings ratio of 24.87, a PEG ratio of 2.32 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last released 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 for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company's revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 EPS. Equities analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

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

Medtronic 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.