Medtronic PLC (NYSE:MDT) Shares Bought by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. lifted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 284,261 shares of the medical technology company's stock after buying an additional 6,604 shares during the quarter. Cullen Frost Bankers Inc.'s holdings in Medtronic were worth $25,544,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of MDT. Brighton Jones LLC grew its stake 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 in the last quarter. Harbour Investments Inc. grew its stake in Medtronic by 14.5% in the fourth quarter. Harbour Investments Inc. now owns 10,812 shares of the medical technology company's stock worth $864,000 after purchasing an additional 1,367 shares in the last quarter. Cibc World Markets Corp grew its stake in Medtronic by 16.2% in the fourth quarter. Cibc World Markets Corp now owns 202,349 shares of the medical technology company's stock worth $16,164,000 after purchasing an additional 28,273 shares in the last quarter. Parallel Advisors LLC increased its holdings in Medtronic by 7.6% during the 4th quarter. Parallel Advisors LLC now owns 19,836 shares of the medical technology company's stock worth $1,585,000 after purchasing an additional 1,407 shares during the period. Finally, Flagship Wealth Advisors LLC purchased a new position in shares of Medtronic during the fourth quarter valued at $69,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the subject of several recent research reports. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Evercore ISI raised their price objective on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Leerink Partners assumed coverage on shares of Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 target price on the stock. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Finally, Robert W. Baird lowered their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Eleven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and an average target price of $98.19.

Medtronic Price Performance

Shares of MDT traded down $0.11 during trading hours on Thursday, reaching $89.67. The company had a trading volume of 4,544,410 shares, compared to its average volume of 7,039,174. The company has a market capitalization of $115.01 billion, a price-to-earnings ratio of 24.76, a PEG ratio of 2.32 and a beta of 0.80. Medtronic PLC has a 12-month low of $77.94 and a 12-month high of $96.25. The firm has a 50 day simple moving average of $86.16 and a 200-day simple moving average of $86.99. 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 (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the previous year, the firm posted $1.46 earnings per share. The company's quarterly revenue was up 3.9% compared to the same quarter last year. Research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date was Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is 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.