Medtronic PLC (NYSE:MDT) Stake Reduced by Koss Olinger Consulting LLC

Key Points

• Koss Olinger Consulting LLC has reduced its stake in Medtronic PLC by 66.7%, holding 5,910 shares worth approximately $531,000 after the sale.
• Several institutional investors have recently adjusted their positions in Medtronic, with an overall ownership of 82.06% by hedge funds and other institutions.
• Medtronic announced a quarterly dividend increase from $0.70 to $0.71 per share, resulting in an annualized dividend of $2.84 and a yield of 3.1%.

Koss Olinger Consulting LLC reduced its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 66.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,910 shares of the medical technology company's stock after selling 11,849 shares during the quarter. Koss Olinger Consulting LLC's holdings in Medtronic were worth $531,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Burkett Financial Services LLC raised its holdings in shares of Medtronic by 185.0% during 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 purchased a new stake in shares of Medtronic during the 1st quarter valued at about $28,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic during the 4th quarter valued at about $27,000. Hughes Financial Services LLC purchased a new stake in shares of Medtronic during the 1st quarter valued at about $32,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic during the 4th quarter valued at about $31,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MDT shares. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Robert W. Baird dropped their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a report on Saturday. Mizuho lifted their price objective on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Finally, BTIG Research restated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Twelve analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Stock Performance

Shares of NYSE MDT traded down $0.65 during trading on Tuesday, reaching $92.09. The stock had a trading volume of 5,203,733 shares, compared to its average volume of 6,536,949. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. 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 stock has a market cap of $118.04 billion, a PE ratio of 25.44, a P/E/G ratio of 2.41 and a beta of 0.80. The firm's 50 day moving average price is $88.96 and its two-hundred day moving average price is $87.97.

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 analysts' consensus estimates 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 firm's revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.46 EPS. On average, research analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

About Medtronic

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.