Cooke & Bieler LP Lowers Stock Holdings in Medtronic PLC (NYSE:MDT)

Cooke & Bieler LP lowered its position in Medtronic PLC (NYSE:MDT - Free Report) by 1.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,085,734 shares of the medical technology company's stock after selling 11,648 shares during the quarter. Cooke & Bieler LP owned 0.08% of Medtronic worth $97,564,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Burkett Financial Services LLC lifted its holdings in shares of Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares in the last quarter. Columbia River Financial Group LLC purchased a new position in Medtronic during the 1st quarter valued at about $28,000. Wood Tarver Financial Group LLC purchased a new position in shares of Medtronic during the fourth quarter worth about $27,000. Hughes Financial Services LLC purchased a new position in shares of Medtronic during the first quarter worth about $32,000. Finally, Optiver Holding B.V. bought a new stake in Medtronic in the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Down 0.2%

Shares of MDT traded down $0.17 during trading hours on Thursday, hitting $89.61. The company had a trading volume of 6,951,657 shares, compared to its average volume of 7,033,245. The company has a market capitalization of $114.93 billion, a PE ratio of 24.75, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a one year low of $78.32 and a one year high of $96.25. The company's fifty day moving average price is $86.16 and its two-hundred day moving average price is $86.99.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping 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 firm had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the previous year, the business earned $1.46 EPS. The firm's revenue for the quarter was up 3.9% on a year-over-year basis. As a group, equities analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.17%. The ex-dividend date was Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is presently 78.45%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Morgan Stanley restated an "overweight" rating and set a $107.00 target price (up previously from $98.00) on shares of Medtronic in a report on Tuesday. Leerink Partners initiated coverage on Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price on the stock. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Finally, Evercore ISI increased their target price on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Eleven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $98.19.

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.