LGT Group Foundation Decreases Stake in Medtronic PLC (NYSE:MDT)

Key Points

• LGT Group Foundation reduced its stake in Medtronic PLC by 6.8% during Q1, ending with 65,760 shares worth approximately $5.91 million.
• Medtronic reported a net revenue of $8.93 billion for the last quarter, surpassing analysts' expectations of $8.81 billion, and demonstrated year-over-year growth of 3.9%.
• The company recently increased its quarterly dividend from $0.70 to $0.71 per share, resulting in an annualized dividend yield of 3.1%.

LGT Group Foundation lessened its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 6.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 65,760 shares of the medical technology company's stock after selling 4,781 shares during the quarter. LGT Group Foundation's holdings in Medtronic were worth $5,909,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Medtronic by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock worth $11,233,780,000 after buying an additional 810,854 shares during the last quarter. Capital Research Global Investors lifted its position in shares of Medtronic by 1.8% during the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after buying an additional 571,700 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Medtronic by 7.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after buying an additional 1,461,841 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Medtronic by 3.8% during the 1st quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock worth $1,858,332,000 after buying an additional 756,192 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Medtronic by 3.1% during the 1st quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock worth $1,708,220,000 after buying an additional 566,155 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of MDT opened at $92.09 on Wednesday. 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 capitalization of $118.04 billion, a P/E ratio of 25.44, a P/E/G ratio of 2.41 and a beta of 0.80. The company's fifty day moving average is $88.96 and its two-hundred day moving average is $87.97. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly 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 net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same period in the prior year, the company posted $1.46 EPS. The business's revenue for the quarter was up 3.9% on a year-over-year basis. On average, sell-side analysts predict that Medtronic PLC will post 5.46 earnings per share 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 paid a dividend of $0.71 per share. This is a boost from Medtronic's previous quarterly dividend of $0.70. 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%. Medtronic's dividend payout ratio is currently 78.45%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. William Blair raised shares of Medtronic to a "hold" rating in a report on Friday, July 11th. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Finally, Royal Bank Of Canada cut their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Twelve equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Medtronic has an average rating of "Moderate Buy" and a consensus target price 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.

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.