Medtronic PLC (NYSE:MDT) Shares Purchased by Everett Harris & Co. CA

Key Points

• Everett Harris & Co. CA increased its stake in Medtronic PLC by 11.0% during Q1, owning 52,918 shares valued at approximately $4.76 million.
• Medtronic recently reported $1.62 earnings per share for the last quarter, exceeding analyst estimates and demonstrating a 3.9% year-over-year revenue growth.
• The company announced a dividend increase to $0.71 per share, reflecting a healthy 3.1% yield and a payout ratio of 78.45%.

Everett Harris & Co. CA increased its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 11.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,918 shares of the medical technology company's stock after purchasing an additional 5,264 shares during the period. Everett Harris & Co. CA's holdings in Medtronic were worth $4,755,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Burgundy Asset Management Ltd. purchased a new stake in Medtronic in the fourth quarter valued at $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Medtronic in the fourth quarter valued at $139,869,000. Mackenzie Financial Corp raised its holdings in shares of Medtronic by 220.9% in the first quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock valued at $216,753,000 after buying an additional 1,660,357 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Medtronic by 21.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,910,161 shares of the medical technology company's stock valued at $711,744,000 after buying an additional 1,566,776 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Medtronic by 7.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock valued at $2,001,903,000 after buying an additional 1,461,841 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on MDT shares. Mizuho upped their price objective on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Leerink Partners assumed coverage on Medtronic in a research note on Monday, June 16th. They set an "outperform" rating and a $110.00 price target for the company. Evercore ISI lifted their price objective on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Morgan Stanley restated an "overweight" rating and issued a $107.00 target price (up previously from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Finally, Wall Street Zen downgraded shares of Medtronic from a "buy" rating to a "hold" rating in a report on Saturday. Twelve research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Price Performance

MDT traded up $1.70 on Friday, hitting $92.94. 6,636,861 shares of the company were exchanged, compared to its average volume of 6,924,519. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The business's fifty day moving average is $88.65 and its 200 day moving average is $87.93. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The firm has a market capitalization of $119.13 billion, a P/E ratio of 25.67, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last issued 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 net margin of 13.90% and a return on equity of 14.54%. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same period in the prior year, the business posted $1.46 earnings per share. The firm's revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.1%. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's payout ratio is currently 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.