Convergence Investment Partners LLC Acquires 10,324 Shares of Medtronic PLC (NYSE:MDT)

Convergence Investment Partners LLC grew its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 47.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,180 shares of the medical technology company's stock after purchasing an additional 10,324 shares during the period. Medtronic makes up 0.8% of Convergence Investment Partners LLC's portfolio, making the stock its 28th biggest holding. Convergence Investment Partners LLC's holdings in Medtronic were worth $2,892,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. City National Bank of Florida MSD acquired a new stake in shares of Medtronic during the first quarter worth approximately $341,000. Vestor Capital LLC boosted its holdings in shares of Medtronic by 3.2% during the first quarter. Vestor Capital LLC now owns 53,041 shares of the medical technology company's stock worth $4,766,000 after purchasing an additional 1,666 shares during the period. Venturi Wealth Management LLC boosted its holdings in shares of Medtronic by 9.5% during the first quarter. Venturi Wealth Management LLC now owns 6,982 shares of the medical technology company's stock worth $627,000 after purchasing an additional 608 shares during the period. SYM FINANCIAL Corp raised its position in Medtronic by 93.6% during the first quarter. SYM FINANCIAL Corp now owns 11,072 shares of the medical technology company's stock valued at $995,000 after acquiring an additional 5,353 shares in the last quarter. Finally, Oak Thistle LLC raised its position in Medtronic by 173.3% during the first quarter. Oak Thistle LLC now owns 43,359 shares of the medical technology company's stock valued at $3,896,000 after acquiring an additional 27,494 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Royal Bank Of Canada reduced their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Evercore ISI increased their price objective on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, Morgan Stanley restated an "overweight" rating and issued a $107.00 price target (up previously from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Eleven research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $98.19.

Medtronic Price Performance

Medtronic stock traded up $0.59 during midday trading on Friday, reaching $92.91. The company's stock had a trading volume of 5,264,531 shares, compared to its average volume of 7,082,213. Medtronic PLC has a 52 week low of $78.32 and a 52 week high of $96.25. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average price of $87.04 and a 200-day moving average price of $87.53. The stock has a market cap of $119.16 billion, a PE ratio of 25.66, a price-to-earnings-growth ratio of 2.40 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last announced 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 return on equity of 14.54% and a net margin of 13.90%. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same period last year, the firm posted $1.46 earnings per share. The business's revenue for the quarter was up 3.9% on a year-over-year basis. On average, sell-side 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. Investors of record on Friday, June 27th were paid a $0.71 dividend. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's payout ratio is currently 78.45%.

About Medtronic

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.