First Foundation Advisors Acquires 7,855 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• First Foundation Advisors increased its stake in Medtronic PLC by 91.8%, owning 16,409 shares worth approximately $1.475 million after acquiring an additional 7,855 shares.
• Medtronic recently reported earnings of $1.62 per share, surpassing estimates and showcasing a year-over-year revenue growth of 3.9%.
• The company announced a quarterly dividend increase to $0.71 per share, reflecting a 3.07% yield and a payout ratio of 78.45%.

First Foundation Advisors grew its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 91.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,409 shares of the medical technology company's stock after purchasing an additional 7,855 shares during the quarter. First Foundation Advisors' holdings in Medtronic were worth $1,475,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of MDT. Capital Research Global Investors raised its stake in shares of Medtronic by 1.8% in the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock valued at $2,652,310,000 after acquiring an additional 571,700 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Medtronic by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock worth $2,155,085,000 after purchasing an additional 574,055 shares during the period. Massachusetts Financial Services Co. MA increased its stake 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 worth $2,001,903,000 after purchasing an additional 1,461,841 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Medtronic by 3.8% during the 1st quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock worth $1,858,332,000 after purchasing an additional 756,192 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in Medtronic by 2.1% during the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock valued at $1,473,278,000 after purchasing an additional 372,168 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Price Performance

NYSE:MDT traded down $0.93 during mid-day trading on Friday, reaching $89.31. 6,507,377 shares of the company were exchanged, compared to its average volume of 6,483,095. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25. The stock has a market cap of $114.54 billion, a PE ratio of 24.67, a PEG ratio of 2.34 and a beta of 0.80. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company has a fifty day moving average of $87.59 and a 200 day moving average of $87.80.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same quarter last year, the business posted $1.46 earnings per share. Medtronic's revenue for the quarter was up 3.9% compared to the same quarter last year. On average, research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a $0.71 dividend. The ex-dividend date was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.2%. Medtronic's dividend payout ratio is 78.45%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MDT. Citigroup upped their price target on Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Mizuho boosted their price objective on shares of Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Royal Bank Of Canada lowered their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Eleven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $98.19.

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.