Elefante Mark B Has $213,000 Stock Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• Elefante Mark B reduced its stake in Medtronic PLC by 55.5%, holding 2,370 shares worth $213,000 after selling 2,952 shares in Q1.
• Institutional investors and hedge funds collectively own 82.06% of Medtronic’s stock, highlighting strong institutional interest in the company.
• Medtronic recently increased its quarterly dividend to $0.71 per share, reflecting a yield of 3.06% and a dividend payout ratio of 78.45%.

Elefante Mark B lessened its stake in Medtronic PLC (NYSE:MDT - Free Report) by 55.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,370 shares of the medical technology company's stock after selling 2,952 shares during the quarter. Elefante Mark B's holdings in Medtronic were worth $213,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MDT. Norges Bank acquired a new position in shares of Medtronic during the 4th quarter worth $1,163,580,000. Beutel Goodman & Co Ltd. bought a new stake in shares of Medtronic during the 4th quarter worth $377,169,000. Invesco Ltd. boosted its holdings in shares of Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after buying an additional 2,333,600 shares during the period. Burgundy Asset Management Ltd. bought a new stake in shares of Medtronic during the 4th quarter worth $174,329,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Medtronic during the 4th quarter worth $139,869,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MDT. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Leerink Partners began coverage on shares of Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. BTIG Research reissued a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. William Blair raised shares of Medtronic to a "hold" rating in a report on Friday, July 11th. Finally, Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. 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 data from MarketBeat.com, Medtronic has an average rating of "Moderate Buy" and an average target price of $98.19.

Medtronic Stock Performance

Shares of NYSE:MDT traded up $0.59 on Friday, hitting $92.91. The company had a trading volume of 5,264,531 shares, compared to its average volume of 7,082,213. The stock has a 50 day moving average price of $87.04 and a 200 day moving average price of $87.53. The stock has a market cap of $119.16 billion, a price-to-earnings ratio of 25.66, a P/E/G ratio of 2.40 and a beta of 0.80. Medtronic PLC has a 1-year low of $78.32 and a 1-year high of $96.25. 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 posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. Medtronic's revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.46 earnings per share. Analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders 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 3.06%. The ex-dividend date of this dividend was Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is currently 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.