Meyer Handelman Co. Lowers Stock Position in Medtronic plc (NYSE:MDT)

Meyer Handelman Co. lowered its stake in Medtronic plc (NYSE:MDT - Free Report) by 10.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 95,402 shares of the medical technology company's stock after selling 11,366 shares during the period. Meyer Handelman Co.'s holdings in Medtronic were worth $8,573,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Empowered Funds LLC boosted its stake in Medtronic by 2.7% during the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company's stock valued at $8,453,000 after purchasing an additional 2,778 shares during the last quarter. Caprock Group LLC lifted its holdings in shares of Medtronic by 12.6% during the 4th quarter. Caprock Group LLC now owns 47,767 shares of the medical technology company's stock valued at $3,849,000 after buying an additional 5,363 shares during the period. Equitable Trust Co. lifted its holdings in shares of Medtronic by 91.7% during the 4th quarter. Equitable Trust Co. now owns 39,645 shares of the medical technology company's stock valued at $3,167,000 after buying an additional 18,968 shares during the period. Brentview Investment Management LLC bought a new position in shares of Medtronic during the 4th quarter valued at $3,056,000. Finally, JB Capital LLC lifted its holdings in shares of Medtronic by 5.8% during the 4th quarter. JB Capital LLC now owns 116,877 shares of the medical technology company's stock valued at $9,336,000 after buying an additional 6,381 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Trading Up 0.9%

Shares of NYSE MDT traded up $0.75 during midday trading on Monday, reaching $83.73. 7,903,671 shares of the stock were exchanged, compared to its average volume of 6,813,157. The company has a 50 day simple moving average of $84.19 and a 200 day simple moving average of $86.19. The stock has a market capitalization of $107.38 billion, a P/E ratio of 25.45, a PEG ratio of 2.22 and a beta of 0.81. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25.

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. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. During the same quarter last year, the company posted $1.46 EPS. The firm's quarterly revenue was up 3.9% on a year-over-year basis. As a group, equities analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a dividend of $0.71 per share. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's payout ratio is 78.45%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MDT. UBS Group increased their price target on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Mizuho decreased their target price on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Wall Street Zen cut Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Monday, May 19th. Finally, Truist Financial decreased their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic presently has an average rating of "Moderate Buy" and a consensus target price of $97.00.

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.