LGT Fund Management Co Ltd. Decreases Stock Position in Medtronic PLC (NYSE:MDT)

Key Points

• LGT Fund Management Co Ltd. reduced its stake in Medtronic PLC by 10.7%, now holding 28,520 shares worth approximately $2.56 million.
• Medtronic recently declared a quarterly dividend of $0.71, increasing from its previous dividend, and representing an annualized yield of 3.1%.
• The company's stock saw a 0.1% decrease, with a current market cap of $118.95 billion and analysts maintaining a consensus rating of "Moderate Buy."

LGT Fund Management Co Ltd. reduced its stake in Medtronic PLC (NYSE:MDT - Free Report) by 10.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,520 shares of the medical technology company's stock after selling 3,427 shares during the period. LGT Fund Management Co Ltd.'s holdings in Medtronic were worth $2,563,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Burkett Financial Services LLC boosted its holdings in shares of Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after acquiring an additional 185 shares during the period. Wood Tarver Financial Group LLC bought a new stake in Medtronic during the fourth quarter valued at $27,000. Columbia River Financial Group LLC bought a new stake in Medtronic during the first quarter valued at $28,000. Optiver Holding B.V. bought a new stake in Medtronic during the fourth quarter valued at $31,000. Finally, Hughes Financial Services LLC bought a new stake in Medtronic during the first quarter valued at $32,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Down 0.1%

Shares of NYSE:MDT opened at $92.80 on Tuesday. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25. The stock's 50-day moving average is $88.83 and its 200 day moving average is $87.94. 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 company has a market cap of $118.95 billion, a PE ratio of 25.63, a P/E/G ratio of 2.41 and a beta of 0.80.

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

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given a $0.71 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is presently 78.45%.

Analyst Ratings Changes

MDT has been the subject of several research analyst reports. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Citigroup lifted their price objective on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Robert W. Baird dropped their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Morgan Stanley reiterated an "overweight" rating and set a $107.00 price objective (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Finally, BTIG Research reissued 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 assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average 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.

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