Johnson Investment Counsel Inc. Trims Stock Holdings in Medtronic PLC (NYSE:MDT)

Johnson Investment Counsel Inc. lowered its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 1.5% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 574,950 shares of the medical technology company's stock after selling 8,948 shares during the quarter. Johnson Investment Counsel Inc.'s holdings in Medtronic were worth $51,665,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Medtronic during the fourth quarter worth about $1,163,580,000. Raymond James Financial Inc. purchased a new position in Medtronic during the 4th quarter worth approximately $852,732,000. Beutel Goodman & Co Ltd. acquired a new stake in Medtronic during the 4th quarter valued at approximately $377,169,000. Invesco Ltd. lifted its stake in Medtronic by 17.8% during 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 acquiring an additional 2,333,600 shares during the period. Finally, Burgundy Asset Management Ltd. purchased a new stake in shares of Medtronic in the 4th quarter valued at $174,329,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Trading Down 0.6%

Shares of MDT stock opened at $85.68 on Thursday. Medtronic PLC has a 1-year low of $75.96 and a 1-year high of $96.25. The company has a market cap of $109.88 billion, a price-to-earnings ratio of 23.67, a PEG ratio of 2.33 and a beta of 0.79. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The stock has a 50 day simple moving average of $84.35 and a 200-day simple moving average of $86.26.

Medtronic (NYSE:MDT - Get Free Report) last issued 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. The company had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm's revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.46 EPS. On average, equities research analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is 77.35%.

Wall Street Analysts Forecast Growth

MDT has been the subject of several recent research reports. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a report on Monday. UBS Group lifted their price objective on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Royal Bank Of Canada lowered their target price 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 lowered Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Nine analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $97.87.

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.

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