Diamond Hill Capital Management Inc. Decreases Holdings in Medtronic PLC (NYSE:MDT)

Diamond Hill Capital Management Inc. decreased its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 26.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,083,000 shares of the medical technology company's stock after selling 1,108,837 shares during the quarter. Diamond Hill Capital Management Inc. owned approximately 0.24% of Medtronic worth $277,038,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Brighton Jones LLC raised its stake in Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after purchasing an additional 37,265 shares during the period. Oxford Asset Management LLP grew its holdings in shares of Medtronic by 70.1% during the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock worth $594,000 after purchasing an additional 3,068 shares during the period. New Vernon Investment Management LLC grew its holdings in shares of Medtronic by 304.9% during the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock worth $2,425,000 after purchasing an additional 22,300 shares during the period. Insight Inv LLC increased its position in Medtronic by 84.2% during the 1st quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock worth $2,467,000 after purchasing an additional 12,550 shares in the last quarter. Finally, Argent Trust Co raised its holdings in Medtronic by 13.6% in the fourth quarter. Argent Trust Co now owns 56,020 shares of the medical technology company's stock valued at $4,475,000 after buying an additional 6,721 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MDT. William Blair raised shares of Medtronic to a "hold" rating in a research report on Friday, July 11th. Evercore ISI raised their price objective on shares of Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Leerink Partners initiated coverage on shares of Medtronic in a research note on Monday, June 16th. They set an "outperform" rating and a $110.00 target price for the company. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Finally, Robert W. Baird decreased their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Eleven 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 company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Price Performance

MDT traded up $0.34 during trading on Thursday, hitting $92.35. 6,683,715 shares of the stock traded hands, compared to its average volume of 7,303,850. The business has a 50 day moving average price of $86.91 and a 200 day moving average price of $87.44. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. Medtronic PLC has a twelve month low of $78.32 and a twelve month high of $96.25. The company has a market cap of $118.45 billion, a price-to-earnings ratio of 25.51, a PEG ratio of 2.39 and a beta of 0.80.

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 the consensus estimate 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 business's quarterly revenue was up 3.9% on a year-over-year basis. During the same period last year, the company earned $1.46 earnings per share. Equities research analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given a dividend of $0.71 per share. This is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.08%. Medtronic's dividend payout ratio (DPR) is 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.