Manhattan West Asset Management LLC Has $1.23 Million Stock Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• Manhattan West Asset Management LLC reduced its holdings in Medtronic PLC by 49.2%, leaving them with 13,677 shares valued at approximately $1.23 million after selling over 13,000 shares in the first quarter.
• Multiple institutional investors, including Vanguard Group and Massachusetts Financial Services, have increased their positions in Medtronic, which now sees over 82% of its stock owned by hedge funds and institutional investors.
• Medtronic recently declared a quarterly dividend of $0.71, up from $0.70, giving it an annualized yield of 3.1%, while analysts anticipate an EPS of 5.46 for the current fiscal year.

Manhattan West Asset Management LLC trimmed its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 49.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,677 shares of the medical technology company's stock after selling 13,253 shares during the quarter. Manhattan West Asset Management LLC's holdings in Medtronic were worth $1,229,000 at the end of the most recent quarter.

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

Medtronic Price Performance

NYSE MDT traded down $0.65 on Tuesday, hitting $92.09. 5,203,733 shares of the company were exchanged, compared to its average volume of 7,643,828. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25. The firm has a 50 day moving average of $88.83 and a two-hundred day moving average of $87.94. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The company has a market cap 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.

Medtronic (NYSE:MDT - Get Free Report) last released 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 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 firm earned $1.46 earnings per share. Medtronic's revenue was up 3.9% compared to the same quarter last year. On average, equities analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a $0.71 dividend. The ex-dividend date was Friday, June 27th. This is a positive change 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%. Medtronic's dividend payout ratio is 78.45%.

Analyst Ratings Changes

MDT has been the subject of several research analyst reports. Royal Bank Of Canada cut their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Mizuho increased their price objective on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Evercore ISI boosted their target price on shares of Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Morgan Stanley reissued an "overweight" rating and issued a $107.00 price target (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Finally, Wall Street Zen downgraded shares of Medtronic from a "buy" rating to a "hold" rating in a report on Saturday. Twelve investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

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.