Kanawha Capital Management LLC Purchases 3,967 Shares of Medtronic PLC (NYSE:MDT)

Kanawha Capital Management LLC raised its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 3.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 119,150 shares of the medical technology company's stock after buying an additional 3,967 shares during the period. Kanawha Capital Management LLC's holdings in Medtronic were worth $10,707,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of MDT. Norges Bank acquired a new position in Medtronic in the fourth quarter worth $1,163,580,000. Raymond James Financial Inc. acquired a new stake in shares of Medtronic in the fourth quarter valued at $852,732,000. Beutel Goodman & Co Ltd. bought a new position in shares of Medtronic in the fourth quarter valued at about $377,169,000. Invesco Ltd. lifted its position in Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after buying an additional 2,333,600 shares in the last quarter. Finally, Burgundy Asset Management Ltd. bought a new stake in Medtronic during the 4th quarter worth about $174,329,000. Institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Robert W. Baird dropped their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and raised their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Mizuho reduced their price objective on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Finally, Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $97.87.

Medtronic Trading Down 0.4%

MDT traded down $0.33 during mid-day trading on Wednesday, hitting $88.42. The stock had a trading volume of 8,662,925 shares, compared to its average volume of 6,988,061. Medtronic PLC has a 1-year low of $75.96 and a 1-year high of $96.25. The firm has a market capitalization of $113.40 billion, a price-to-earnings ratio of 24.43, a price-to-earnings-growth ratio of 2.35 and a beta of 0.80. 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's fifty day simple moving average is $85.03 and its 200-day simple moving average is $86.43.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data 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. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter last year, the business posted $1.46 EPS. The firm's revenue was up 3.9% compared to the same quarter last year. As a group, research analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.21%. The ex-dividend date is Friday, June 27th. Medtronic's dividend payout ratio (DPR) is 78.45%.

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.