Choreo LLC Trims Holdings in Medtronic PLC (NYSE:MDT)

Choreo LLC lowered its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 18.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,965 shares of the medical technology company's stock after selling 9,852 shares during the period. Choreo LLC's holdings in Medtronic were worth $3,975,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of MDT. Brighton Jones LLC grew its stake in Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after buying an additional 37,265 shares in the last quarter. LPL Financial LLC grew its stake in Medtronic by 4.5% in the 4th quarter. LPL Financial LLC now owns 1,140,884 shares of the medical technology company's stock worth $91,134,000 after buying an additional 48,749 shares in the last quarter. Prudential Financial Inc. increased its position in shares of Medtronic by 97.3% during the 4th quarter. Prudential Financial Inc. now owns 680,217 shares of the medical technology company's stock valued at $54,336,000 after purchasing an additional 335,430 shares during the last quarter. CoreFirst Bank & Trust bought a new position in shares of Medtronic during the 4th quarter valued at about $117,000. Finally, Modern Wealth Management LLC increased its position in shares of Medtronic by 8.9% during the 4th quarter. Modern Wealth Management LLC now owns 14,837 shares of the medical technology company's stock valued at $1,185,000 after purchasing an additional 1,212 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on MDT. Morgan Stanley reiterated an "overweight" rating and set a $107.00 price objective (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Royal Bank Of Canada cut their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Robert W. Baird cut their price objective on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Finally, Mizuho upped their price objective on shares of Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Eleven research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned 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.

Medtronic Trading Up 0.6%

NYSE:MDT traded up $0.59 during midday trading on Friday, reaching $92.91. 5,264,531 shares of the stock traded hands, compared to its average volume of 7,082,213. The company has a fifty day moving average of $87.04 and a 200 day moving average of $87.56. Medtronic PLC has a 12 month low of $78.32 and a 12 month high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The stock has a market capitalization of $119.16 billion, a P/E ratio of 25.66, a PEG ratio of 2.41 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same period in the prior year, the business posted $1.46 EPS. The firm's revenue was up 3.9% compared to the same quarter last year. On average, research analysts predict that Medtronic PLC will post 5.46 EPS for the current 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 issued a $0.71 dividend. 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. This represents a $2.84 annualized dividend and a yield of 3.06%. Medtronic's dividend payout ratio is 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.