Manning & Napier Advisors LLC Has $24.03 Million Stock Position in Medtronic PLC (NYSE:MDT)

Manning & Napier Advisors LLC decreased its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 7.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 267,450 shares of the medical technology company's stock after selling 21,667 shares during the period. Manning & Napier Advisors LLC's holdings in Medtronic were worth $24,033,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of MDT. Mainstream Capital Management LLC acquired a new stake in Medtronic in the fourth quarter worth about $26,000. Burkett Financial Services LLC grew its position in shares of Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after buying an additional 185 shares during the period. Rakuten Securities Inc. grew its position in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after buying an additional 294 shares during the period. Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic during the fourth quarter worth approximately $27,000. Finally, Optiver Holding B.V. acquired a new position in Medtronic in the fourth quarter valued at approximately $31,000. 82.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on MDT shares. Royal Bank Of Canada dropped their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and raised their target price for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Leerink Partners initiated coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective on the stock. Mizuho lowered their target price on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Finally, Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a report on Saturday. Eight research 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 company. According to data from MarketBeat.com, Medtronic has an average rating of "Moderate Buy" and a consensus price target of $97.87.

Medtronic Stock Performance

NYSE:MDT traded down $0.90 during mid-day trading on Monday, hitting $85.44. The stock had a trading volume of 3,030,306 shares, compared to its average volume of 7,733,133. Medtronic PLC has a twelve month low of $75.96 and a twelve month high of $96.25. 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 cap of $109.59 billion, a price-to-earnings ratio of 23.59, a PEG ratio of 2.33 and a beta of 0.79. The company's 50 day simple moving average is $84.49 and its 200 day simple moving average is $86.28.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business's revenue was up 3.9% on a year-over-year basis. During the same period last year, the firm posted $1.46 earnings per share. On average, equities research analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a $0.71 dividend. The ex-dividend date of this dividend is 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 3.32%. Medtronic's dividend payout ratio is 77.35%.

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.