DDD Partners LLC reduced its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 2.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 247,344 shares of the medical technology company's stock after selling 6,671 shares during the quarter. Medtronic accounts for approximately 2.7% of DDD Partners LLC's holdings, making the stock its 13th largest holding. DDD Partners LLC's holdings in Medtronic were worth $22,226,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of MDT. Bridgewater Advisors Inc. purchased a new stake in shares of Medtronic during the first quarter valued at approximately $228,000. Kornitzer Capital Management Inc. KS grew its holdings in Medtronic by 2.3% during the 1st quarter. Kornitzer Capital Management Inc. KS now owns 127,720 shares of the medical technology company's stock valued at $11,477,000 after purchasing an additional 2,834 shares in the last quarter. Larson Financial Group LLC grew its holdings in Medtronic by 16.7% during the 1st quarter. Larson Financial Group LLC now owns 34,582 shares of the medical technology company's stock valued at $3,108,000 after purchasing an additional 4,947 shares in the last quarter. Sage Mountain Advisors LLC purchased a new stake in Medtronic during the 1st quarter worth $266,000. Finally, PAX Financial Group LLC lifted its holdings in Medtronic by 6.9% in the 1st quarter. PAX Financial Group LLC now owns 8,051 shares of the medical technology company's stock worth $723,000 after buying an additional 523 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
MDT has been the subject of a number of analyst reports. Leerink Partners began coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective for the company. 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 report on Thursday, May 22nd. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Finally, BTIG Research reissued a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Eleven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.19.
Read Our Latest Report on MDT
Medtronic Trading Down 0.4%
Shares of MDT stock traded down $0.39 on Thursday, reaching $89.40. The company had a trading volume of 4,300,994 shares, compared to its average volume of 7,037,126. The stock has a market cap of $114.65 billion, a PE ratio of 24.68, a PEG ratio of 2.32 and a beta of 0.80. The company has a 50-day moving average of $86.16 and a 200-day moving average of $86.99. 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 12 month low of $77.94 and a 12 month high of $96.25.
Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period last year, the company posted $1.46 EPS. The business's quarterly revenue was up 3.9% on a year-over-year basis. On average, equities analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current 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 $0.71 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.18%. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is currently 78.45%.
Medtronic Company Profile
(
Free Report)
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.
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