Flossbach Von Storch SE Cuts Stock Position in Medtronic PLC (NYSE:MDT)

Flossbach Von Storch SE decreased its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 32.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,394,619 shares of the medical technology company's stock after selling 676,413 shares during the quarter. Flossbach Von Storch SE owned approximately 0.11% of Medtronic worth $125,320,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Medtronic during the 4th quarter worth about $1,163,580,000. Beutel Goodman & Co Ltd. purchased a new position in Medtronic in the 4th quarter valued at approximately $377,169,000. Invesco Ltd. increased its stake in Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. Burgundy Asset Management Ltd. purchased a new position in Medtronic during the fourth quarter worth $174,329,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Medtronic during the fourth quarter worth $139,869,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of Medtronic stock opened at $88.63 on Wednesday. Medtronic PLC has a 52 week low of $75.96 and a 52 week high of $96.25. The stock has a market capitalization of $113.67 billion, a price-to-earnings ratio of 24.48, a PEG ratio of 2.37 and a beta of 0.80. 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 firm has a fifty day moving average of $85.45 and a two-hundred day moving average of $86.69.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data 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. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same period in the previous year, the firm posted $1.46 EPS. The firm's revenue was up 3.9% compared to the same quarter last year. As a group, equities research analysts predict 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. Stockholders of record on Friday, June 27th will be issued a $0.71 dividend. 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. The ex-dividend date is Friday, June 27th. Medtronic's dividend payout ratio is presently 78.45%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MDT. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Mizuho decreased their price objective on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Leerink Partners started coverage on Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective for the company. Royal Bank Of Canada decreased their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $98.00.

About Medtronic

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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