Forsta AP Fonden Has $27.29 Million Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• Forsta AP Fonden has reduced its stake in Medtronic PLC by 1.5%, now holding 303,700 shares valued at approximately $27.29 million following the sale of 4,500 shares.
• Medtronic reported a positive earnings result with $1.62 EPS for the quarter, exceeding expectations, along with revenue of $8.93 billion, which represents a 3.9% year-over-year growth.
• The company has increased its quarterly dividend from $0.70 to $0.71, reflecting an annualized dividend yield of 3.1% with a payout ratio of 78.45%.

Forsta AP Fonden decreased its position in Medtronic PLC (NYSE:MDT - Free Report) by 1.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 303,700 shares of the medical technology company's stock after selling 4,500 shares during the quarter. Forsta AP Fonden's holdings in Medtronic were worth $27,290,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MDT. Burkett Financial Services LLC increased its holdings in Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after buying an additional 185 shares during the period. Columbia River Financial Group LLC acquired a new stake in shares of Medtronic in the 1st quarter valued at $28,000. Wood Tarver Financial Group LLC acquired a new position in Medtronic during the 4th quarter worth about $27,000. Hughes Financial Services LLC acquired a new position in Medtronic during the 1st quarter worth about $32,000. Finally, Optiver Holding B.V. acquired a new position in Medtronic during the 4th quarter worth about $31,000. Institutional investors own 82.06% of the company's stock.

Medtronic Trading Up 1.9%

Shares of NYSE:MDT traded up $1.70 during midday trading on Friday, hitting $92.94. 6,636,861 shares of the stock were exchanged, compared to its average volume of 6,924,519. The stock has a market capitalization of $119.13 billion, a price-to-earnings ratio of 25.67, a P/E/G ratio of 2.41 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 business's 50-day moving average price is $88.65 and its 200 day moving average price is $87.93. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25.

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, topping analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm's quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.46 earnings per share. Analysts predict that Medtronic PLC will post 5.46 earnings per share 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 paid a $0.71 dividend. This represents a $2.84 annualized dividend and a 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 presently 78.45%.

Wall Street Analyst Weigh In

MDT has been the topic of a number of research reports. Robert W. Baird cut their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Mizuho upped their price target on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. BTIG Research reissued a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Finally, Royal Bank Of Canada cut their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Twelve investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus 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.