DAVENPORT & Co LLC Grows Stock Holdings in Medtronic PLC (NYSE:MDT)

DAVENPORT & Co LLC increased its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 3.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,094,531 shares of the medical technology company's stock after acquiring an additional 32,869 shares during the quarter. DAVENPORT & Co LLC owned approximately 0.09% of Medtronic worth $97,701,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Summit Trail Advisors LLC lifted its position in shares of Medtronic by 23.1% during the 1st quarter. Summit Trail Advisors LLC now owns 22,023 shares of the medical technology company's stock valued at $1,994,000 after buying an additional 4,129 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Medtronic by 1.5% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 166,963 shares of the medical technology company's stock valued at $15,003,000 after acquiring an additional 2,387 shares during the last quarter. Clear Creek Financial Management LLC lifted its position in Medtronic by 26.1% during the first quarter. Clear Creek Financial Management LLC now owns 4,535 shares of the medical technology company's stock valued at $408,000 after purchasing an additional 940 shares during the last quarter. Cidel Asset Management Inc. grew its position in Medtronic by 1.3% in the first quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock worth $856,000 after acquiring an additional 126 shares in the last quarter. Finally, Lincoln Capital Corp purchased a new position in shares of Medtronic in the 1st quarter worth about $2,434,000. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MDT. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday. Robert W. Baird lowered their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Mizuho dropped their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Finally, Royal Bank Of Canada dropped their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $97.87.

Medtronic Stock Performance

NYSE MDT traded up $0.22 on Friday, hitting $88.50. 2,989,470 shares of the company traded hands, compared to its average volume of 6,988,170. 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's 50 day moving average price is $85.21 and its 200-day moving average price is $86.49. The company has a market capitalization of $113.51 billion, a price-to-earnings ratio of 24.45, a P/E/G ratio of 2.38 and a beta of 0.80. Medtronic PLC has a 52-week low of $75.96 and a 52-week high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to analysts' expectations 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 period in the prior year, the company posted $1.46 earnings per share. Equities analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

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