Peak Asset Management LLC Has $2.60 Million Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• Peak Asset Management LLC reduced its holdings in Medtronic PLC by 8.8%, now owning 28,971 shares valued at approximately $2.6 million.
• Medtronic recently increased its quarterly dividend to $0.71 per share, with a yield of 3.06%, reflecting a dividend payout ratio of 78.45%.
• Medtronic's earnings report revealed earnings per share of $1.62, surpassing estimates by $0.04, and a year-over-year revenue increase of 3.9% to $8.93 billion.

Peak Asset Management LLC lowered its stake in Medtronic PLC (NYSE:MDT - Free Report) by 8.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 28,971 shares of the medical technology company's stock after selling 2,810 shares during the quarter. Peak Asset Management LLC's holdings in Medtronic were worth $2,603,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in MDT. Burkett Financial Services LLC lifted its holdings in shares of Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares in the last quarter. Columbia River Financial Group LLC acquired a new position in Medtronic during the 1st quarter worth approximately $28,000. Wood Tarver Financial Group LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $27,000. Hughes Financial Services LLC bought a new stake in shares of Medtronic in the first quarter worth $32,000. Finally, Optiver Holding B.V. acquired a new position in Medtronic during the fourth quarter worth $31,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of NYSE:MDT traded down $0.79 on Thursday, reaching $90.85. 3,349,563 shares of the company's stock were exchanged, compared to its average volume of 7,666,783. Medtronic PLC has a twelve month low of $78.96 and a twelve month high of $96.25. The company has a fifty day moving average of $87.41 and a 200-day moving average of $87.74. The company has a market capitalization of $116.52 billion, a price-to-earnings ratio of 25.10, a PEG ratio of 2.40 and a beta of 0.80. 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 released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the prior year, the company posted $1.46 EPS. The company's revenue was up 3.9% compared to the same quarter last year. On average, research analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a $0.71 dividend. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.13%. Medtronic's dividend payout ratio (DPR) is presently 78.45%.

Analyst Ratings Changes

MDT has been the topic of several recent research reports. Royal Bank Of Canada lowered their price target on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Leerink Partners started coverage on Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 target price on the stock. Evercore ISI boosted their price target on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Eleven analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $98.19.

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.