Longfellow Investment Management Co. LLC Sells 7,683 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Longfellow Investment Management Co. LLC reduced its holdings in Medtronic PLC by 52.4% after selling 7,683 shares, leaving them with 6,992 shares valued at $628,000.
• Medtronic recently reported earnings of $1.62 per share, exceeding expectations, with revenue of $8.93 billion for the quarter.
• The company announced a quarterly dividend of $0.71 per share, marking an increase from the previous dividend, with an annual yield of 3.1%.

Longfellow Investment Management Co. LLC decreased its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 52.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,992 shares of the medical technology company's stock after selling 7,683 shares during the quarter. Longfellow Investment Management Co. LLC's holdings in Medtronic were worth $628,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of MDT. Commerce Bank boosted its position in Medtronic by 1.7% during the first quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock valued at $13,118,000 after purchasing an additional 2,429 shares during the last quarter. Brighton Jones LLC raised its stake in shares of Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after purchasing an additional 37,265 shares in the last quarter. Oxford Asset Management LLP lifted its holdings in shares of Medtronic by 70.1% during the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock valued at $594,000 after buying an additional 3,068 shares during the last quarter. New Vernon Investment Management LLC grew its stake in shares of Medtronic by 304.9% in the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock valued at $2,425,000 after buying an additional 22,300 shares in the last quarter. Finally, Insight Inv LLC increased its holdings in Medtronic by 84.2% in the first quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock worth $2,467,000 after buying an additional 12,550 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MDT has been the subject of several analyst reports. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday. Mizuho raised their price objective on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Morgan Stanley reaffirmed an "overweight" rating and set a $107.00 target price (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Finally, Robert W. Baird dropped their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Twelve investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $98.19.

Medtronic Stock Performance

Shares of NYSE MDT traded down $0.65 during mid-day trading on Tuesday, hitting $92.09. The company had a trading volume of 5,203,733 shares, compared to its average volume of 6,536,949. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25. The firm has a market cap of $118.04 billion, a P/E ratio of 25.44, a PEG ratio of 2.41 and a beta of 0.80. The business's 50-day simple moving average is $88.96 and its 200-day simple moving average is $87.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating 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 firm had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. During the same quarter in the prior year, the firm posted $1.46 EPS. The company's revenue for the quarter was up 3.9% on a year-over-year basis. As a group, analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were paid 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 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Friday, June 27th. Medtronic's dividend payout ratio is presently 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.