Madison Asset Management LLC Sells 6,077 Shares of Medtronic PLC (NYSE:MDT)

Madison Asset Management LLC reduced its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 1.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 368,569 shares of the medical technology company's stock after selling 6,077 shares during the quarter. Madison Asset Management LLC's holdings in Medtronic were worth $33,120,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Dunhill Financial LLC lifted its stake in shares of Medtronic by 17.2% in the 1st quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock valued at $76,000 after purchasing an additional 124 shares during the period. Cidel Asset Management Inc. increased its position in shares of Medtronic by 1.3% in the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock valued at $856,000 after buying an additional 126 shares in the last quarter. Petros Family Wealth LLC increased its position in shares of Medtronic by 4.3% in the 1st quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after buying an additional 127 shares in the last quarter. Faithward Advisors LLC increased its position in shares of Medtronic by 2.7% in the 4th quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock valued at $403,000 after buying an additional 134 shares in the last quarter. Finally, L. Roy Papp & Associates LLP increased its position in shares of Medtronic by 2.8% in the 1st quarter. L. Roy Papp & Associates LLP now owns 5,099 shares of the medical technology company's stock valued at $458,000 after buying an additional 138 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Trading Up 0.6%

MDT stock traded up $0.59 during midday trading on Friday, hitting $92.91. The stock had a trading volume of 5,173,073 shares, compared to its average volume of 7,750,884. The firm has a market cap of $119.16 billion, a P/E ratio of 25.66, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80. 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 1-year low of $78.32 and a 1-year high of $96.25. The business has a fifty day moving average price of $86.91 and a two-hundred day moving average price of $87.44.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $8.81 billion. During the same quarter in the previous year, the business earned $1.46 earnings per share. Medtronic'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 fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.06%. Medtronic's payout ratio is presently 78.45%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MDT. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Leerink Partners initiated coverage on Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective for the company. Citigroup increased their price target on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Finally, BTIG Research reissued a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Eleven analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Medtronic has an average rating of "Moderate Buy" and an average target price of $98.19.

Medtronic Company 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.