Mattern Capital Management LLC Sells 3,400 Shares of Medtronic PLC (NYSE:MDT)

Mattern Capital Management LLC trimmed its stake in Medtronic PLC (NYSE:MDT - Free Report) by 3.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 98,834 shares of the medical technology company's stock after selling 3,400 shares during the quarter. Mattern Capital Management LLC's holdings in Medtronic were worth $8,881,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Riverbend Wealth Management LLC boosted its holdings in Medtronic by 11.3% in the first quarter. Riverbend Wealth Management LLC now owns 3,290 shares of the medical technology company's stock worth $296,000 after acquiring an additional 335 shares in the last quarter. Daymark Wealth Partners LLC boosted its holdings in Medtronic by 7.5% in the first quarter. Daymark Wealth Partners LLC now owns 46,258 shares of the medical technology company's stock worth $4,157,000 after acquiring an additional 3,221 shares in the last quarter. Golden State Equity Partners bought a new stake in Medtronic in the first quarter worth $561,000. Moran Wealth Management LLC boosted its holdings in Medtronic by 19.1% in the first quarter. Moran Wealth Management LLC now owns 159,727 shares of the medical technology company's stock worth $14,353,000 after acquiring an additional 25,602 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in Medtronic by 1.2% in the first quarter. International Assets Investment Management LLC now owns 14,597 shares of the medical technology company's stock worth $1,312,000 after acquiring an additional 177 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Up 0.2%

Medtronic stock opened at $86.12 on Wednesday. The stock has a market cap of $110.45 billion, a PE ratio of 23.79, a price-to-earnings-growth ratio of 2.32 and a beta of 0.79. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. Medtronic PLC has a one year low of $75.96 and a one year high of $96.25. The stock has a fifty day moving average of $84.60 and a 200 day moving average of $86.29.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 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%. Medtronic's revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 earnings per share. As a group, sell-side analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a $0.71 dividend. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.30%. Medtronic's dividend payout ratio is presently 77.35%.

Analyst Ratings Changes

Several research firms have commented on MDT. Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a report on Saturday. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Leerink Partners began coverage on Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. Finally, Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $97.87.

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.

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