Foundry Partners LLC Reduces Stock Holdings in Medtronic PLC (NYSE:MDT)

Foundry Partners LLC lowered its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 5.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 253,879 shares of the medical technology company's stock after selling 14,432 shares during the period. Medtronic makes up about 1.2% of Foundry Partners LLC's holdings, making the stock its 19th biggest position. Foundry Partners LLC's holdings in Medtronic were worth $22,814,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its holdings in Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after acquiring an additional 37,265 shares during the period. Oxford Asset Management LLP increased its position in Medtronic by 70.1% during the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock valued at $594,000 after buying an additional 3,068 shares in the last quarter. New Vernon Investment Management LLC increased its position in Medtronic by 304.9% during the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock valued at $2,425,000 after buying an additional 22,300 shares in the last quarter. Insight Inv LLC increased its position in Medtronic by 84.2% during the 1st quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock valued at $2,467,000 after buying an additional 12,550 shares in the last quarter. Finally, Argent Trust Co boosted its stake in Medtronic by 13.6% during the 4th quarter. Argent Trust Co now owns 56,020 shares of the medical technology company's stock valued at $4,475,000 after purchasing an additional 6,721 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Price Performance

Shares of MDT traded up $0.10 during trading hours on Friday, reaching $89.63. 6,413,451 shares of the company's stock traded hands, compared to its average volume of 7,016,083. The stock has a market cap of $114.95 billion, a PE ratio of 24.76, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. 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 firm's 50 day simple moving average is $86.41 and its 200-day simple moving average is $87.18. Medtronic PLC has a 12 month low of $78.32 and a 12 month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business's revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.46 earnings per share. Equities analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.17%. Medtronic's dividend payout ratio (DPR) is 78.45%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on MDT shares. Morgan Stanley reissued an "overweight" rating and set a $107.00 price target (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. William Blair raised Medtronic to a "hold" rating in a research report on Friday, July 11th. Robert W. Baird reduced their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Leerink Partners started coverage on Medtronic in a research note on Monday, June 16th. They set an "outperform" rating and a $110.00 price objective for the company. Finally, Evercore ISI upped their price objective on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Eleven investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target 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.