KBC Group NV Lowers Stock Holdings in Medtronic PLC (NYSE:MDT)

KBC Group NV decreased its position in Medtronic PLC (NYSE:MDT - Free Report) by 43.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 390,250 shares of the medical technology company's stock after selling 294,010 shares during the quarter. KBC Group NV's holdings in Medtronic were worth $35,068,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of MDT. Mainstream Capital Management LLC bought a new position in Medtronic during the 4th quarter valued at approximately $26,000. Burkett Financial Services LLC increased its stake in shares of Medtronic by 185.0% during the first 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. Rakuten Securities Inc. increased its stake in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after buying an additional 294 shares during the period. Wood Tarver Financial Group LLC bought a new position in shares of Medtronic during the fourth quarter valued at approximately $27,000. Finally, Optiver Holding B.V. purchased a new stake in Medtronic in the fourth quarter worth $31,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

NYSE:MDT traded up $0.22 during trading hours on Thursday, reaching $88.50. The company had a trading volume of 2,989,470 shares, compared to its average volume of 7,835,938. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 52 week low of $75.96 and a 52 week high of $96.25. The firm has a market cap of $113.50 billion, a price-to-earnings ratio of 24.45, a PEG ratio of 2.40 and a beta of 0.80. The firm's 50 day moving average price is $85.12 and its 200-day moving average price is $86.44.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $8.81 billion. During the same period in the prior year, the company earned $1.46 earnings per share. The firm's revenue was up 3.9% on a year-over-year basis. On average, analysts forecast 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. Investors of record on Friday, June 27th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.21%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio is currently 78.45%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on MDT shares. Leerink Partners began coverage on shares of Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 price objective on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Robert W. Baird decreased their price target 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. Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday. Finally, Mizuho dropped their price target on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Nine 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 stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $97.87.

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.