Concurrent Investment Advisors LLC Trims Holdings in Medtronic PLC (NYSE:MDT)

Concurrent Investment Advisors LLC lessened its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 27.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 47,540 shares of the medical technology company's stock after selling 18,423 shares during the period. Concurrent Investment Advisors LLC's holdings in Medtronic were worth $4,272,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MDT. Burkett Financial Services LLC lifted its position in shares of Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after buying an additional 185 shares in the last quarter. Rakuten Securities Inc. raised its stake in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after acquiring an additional 294 shares during the period. Wood Tarver Financial Group LLC purchased a new position in Medtronic during the fourth quarter valued at approximately $27,000. Columbia River Financial Group LLC bought a new position in shares of Medtronic in the first quarter worth approximately $28,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic in the fourth quarter worth $31,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

MDT has been the topic of a number of analyst reports. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Leerink Partners started coverage on Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective on the stock. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Finally, Leerink Partnrs raised Medtronic to a "strong-buy" rating in a report on Monday, June 16th. 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. According to MarketBeat.com, Medtronic has an average rating of "Moderate Buy" and an average target price of $98.00.

Medtronic Price Performance

Shares of NYSE MDT traded up $0.81 during midday trading on Tuesday, reaching $88.48. 2,565,102 shares of the stock traded hands, compared to its average volume of 6,982,207. 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 stock has a market capitalization of $113.48 billion, a PE ratio of 24.44, a P/E/G ratio of 2.39 and a beta of 0.80. Medtronic PLC has a one year low of $75.96 and a one year high of $96.25. The company's 50 day moving average is $85.37 and its 200 day moving average is $86.68.

Medtronic (NYSE:MDT - Get Free Report) last posted its 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. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate 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 prior year, the company earned $1.46 EPS. On average, equities research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.21%. Medtronic's dividend payout ratio (DPR) 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.