Wellington Shields & Co. LLC Has $932,000 Stock Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• Wellington Shields & Co. LLC reduced its stake in Medtronic PLC by 25.8%, now holding 10,375 shares valued at approximately $932,000.
• Medtronic recently increased its quarterly dividend to $0.71 per share, reflecting an annualized dividend of $2.84, with a yield of 3.07%.
• Wall Street analysts generally have a "Moderate Buy" rating on Medtronic, with an average price target of $98.19 and projections of 5.46 EPS for the current fiscal year.

Wellington Shields & Co. LLC reduced its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 25.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 10,375 shares of the medical technology company's stock after selling 3,600 shares during the quarter. Wellington Shields & Co. LLC's holdings in Medtronic were worth $932,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the company. Capital Research Global Investors grew its position in shares of Medtronic by 1.8% in the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after buying an additional 571,700 shares during the period. Geode Capital Management LLC grew its holdings in shares of Medtronic by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock worth $2,155,085,000 after purchasing an additional 574,055 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Medtronic by 7.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after acquiring an additional 1,461,841 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Medtronic by 3.8% during the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock valued at $1,858,332,000 after buying an additional 756,192 shares during the last quarter. Finally, Deutsche Bank AG raised its position in Medtronic by 2.1% during the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock worth $1,473,278,000 after buying an additional 372,168 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on MDT shares. Robert W. Baird dropped their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. William Blair upgraded Medtronic to a "hold" rating in a research note on Friday, July 11th. Morgan Stanley reaffirmed an "overweight" rating and set a $107.00 price objective (up previously from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Finally, BTIG Research restated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Eleven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Trading Down 1.0%

Shares of MDT stock traded down $0.93 on Friday, reaching $89.31. 6,507,377 shares of the stock were exchanged, compared to its average volume of 6,483,095. The stock has a 50 day moving average price of $87.76 and a 200 day moving average price of $87.82. The stock has a market cap of $114.54 billion, a PE ratio of 24.67, a P/E/G ratio of 2.34 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25.

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, beating the consensus estimate 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 analysts' expectations of $8.81 billion. During the same period in the prior year, the firm posted $1.46 earnings per share. The business's quarterly revenue was up 3.9% compared to the same quarter last year. Equities research analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is presently 78.45%.

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.