Medtronic PLC (NYSE:MDT) Shares Sold by VELA Investment Management LLC

VELA Investment Management LLC reduced its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 71.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,695 shares of the medical technology company's stock after selling 26,949 shares during the quarter. VELA Investment Management LLC's holdings in Medtronic were worth $961,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TCTC Holdings LLC raised its position in shares of Medtronic by 3.4% in the 4th quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company's stock worth $3,173,000 after buying an additional 1,301 shares during the period. Brighton Jones LLC grew its holdings in shares of Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after purchasing an additional 37,265 shares during the period. Oxford Asset Management LLP raised its stake in shares of Medtronic by 70.1% in the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock valued at $594,000 after acquiring an additional 3,068 shares during the period. New Vernon Investment Management LLC grew its stake in shares of Medtronic by 304.9% in the fourth quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock valued at $2,425,000 after buying an additional 22,300 shares in the last quarter. Finally, Insight Inv LLC raised its stake in shares of Medtronic by 84.2% during the first quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock valued at $2,467,000 after purchasing an additional 12,550 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Trading Up 0.2%

Medtronic stock opened at $88.50 on Friday. Medtronic PLC has a 12-month low of $75.96 and a 12-month high of $96.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The stock has a market capitalization of $113.50 billion, a PE ratio of 24.45, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80. The firm has a 50 day simple moving average of $85.30 and a 200-day simple moving average of $86.54.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion for 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 firm's revenue for the quarter was up 3.9% on a year-over-year basis. During the same period last year, the firm earned $1.46 EPS. As a group, equities research analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.21%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is currently 78.45%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MDT. Robert W. Baird dropped their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Mizuho cut their target price on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Royal Bank Of Canada reduced their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Finally, Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $97.87.

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.

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