Grimes & Company Inc. Grows Position in Medtronic plc (NYSE:MDT)

Grimes & Company Inc. raised its stake in Medtronic plc (NYSE:MDT - Free Report) by 6.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 203,048 shares of the medical technology company's stock after purchasing an additional 11,417 shares during the period. Grimes & Company Inc.'s holdings in Medtronic were worth $18,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. MONECO Advisors LLC raised its position in shares of Medtronic by 1.8% in the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company's stock valued at $512,000 after purchasing an additional 115 shares during the last quarter. Faithward Advisors LLC raised its holdings in shares of Medtronic by 2.7% in the fourth quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock worth $403,000 after buying an additional 134 shares during the last quarter. Vestor Capital LLC lifted its stake in shares of Medtronic by 0.3% during the fourth quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company's stock worth $4,104,000 after buying an additional 138 shares during the period. L. Roy Papp & Associates LLP grew its holdings in shares of Medtronic by 2.8% during the first 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 during the last quarter. Finally, Retirement Planning Co of New England Inc. increased its position in shares of Medtronic by 4.9% in the 4th quarter. Retirement Planning Co of New England Inc. now owns 2,989 shares of the medical technology company's stock valued at $239,000 after acquiring an additional 139 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

Shares of MDT stock traded down $1.73 during trading hours on Tuesday, hitting $86.19. 6,938,434 shares of the company's stock were exchanged, compared to its average volume of 6,892,356. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The firm has a market cap of $110.54 billion, a P/E ratio of 26.20, a P/E/G ratio of 2.22 and a beta of 0.79. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a 50 day moving average of $84.33 and a two-hundred day moving average of $86.27.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping 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 net margin of 12.83% and a return on equity of 14.07%. The firm's revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 earnings per share. Sell-side analysts forecast 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. 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 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 3.30%. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on MDT shares. Robert W. Baird decreased their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Mizuho decreased their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Leerink Partners began coverage on shares of Medtronic in a research note on Monday. They issued an "outperform" rating and a $110.00 price objective on the stock. UBS Group raised their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Finally, Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and upped their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Nine equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $97.87.

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.