Financiere des Professionnels Fonds d investissement inc. Decreases Stock Position in Medtronic PLC (NYSE:MDT)

Financiere des Professionnels Fonds d investissement inc. reduced its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 4.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 133,499 shares of the medical technology company's stock after selling 5,543 shares during the quarter. Medtronic accounts for about 0.8% of Financiere des Professionnels Fonds d investissement inc.'s holdings, making the stock its 27th biggest holding. Financiere des Professionnels Fonds d investissement inc.'s holdings in Medtronic were worth $11,996,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of MDT. Brighton Jones LLC raised its position in Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Proficio Capital Partners LLC bought a new position in Medtronic in the fourth quarter valued at about $13,132,000. Vestmark Advisory Solutions Inc. raised its position in Medtronic by 33.1% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 4,408 shares of the medical technology company's stock valued at $352,000 after purchasing an additional 1,095 shares during the last quarter. E Fund Management Co. Ltd. raised its position in Medtronic by 81.5% in the fourth quarter. E Fund Management Co. Ltd. now owns 7,132 shares of the medical technology company's stock valued at $570,000 after purchasing an additional 3,202 shares during the last quarter. Finally, Callan Family Office LLC raised its position in Medtronic by 348.0% in the fourth quarter. Callan Family Office LLC now owns 16,678 shares of the medical technology company's stock valued at $1,332,000 after purchasing an additional 12,955 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MDT. 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. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Mizuho lowered their target price on Medtronic from $100.00 to $98.00 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. Finally, Evercore ISI lifted their target price on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research report on Tuesday. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $98.00.

Medtronic Trading Up 1.1%

Shares of MDT stock traded up $0.96 on Tuesday, reaching $88.63. 5,403,014 shares of the company's stock were exchanged, compared to its average volume of 6,998,749. Medtronic PLC has a 52 week low of $75.96 and a 52 week high of $96.25. 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 stock has a market capitalization of $113.67 billion, a PE ratio of 24.48, a P/E/G ratio of 2.37 and a beta of 0.80. The company's fifty day simple moving average is $85.37 and its 200 day simple moving average is $86.68.

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

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.20%. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is presently 78.45%.

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.