Moors & Cabot Inc. Has $5.53 Million Stock Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• Moors & Cabot Inc. has reduced its holdings in Medtronic PLC by 7.4%, now owning 61,534 shares valued at approximately $5.53 million, as per their latest SEC disclosure.
• Medtronic's quarterly earnings beat expectations, reporting $1.62 EPS against an estimate of $1.58, with revenue of $8.93 billion, marking a 3.9% year-over-year increase.
• The company recently increased its quarterly dividend from $0.70 to $0.71 per share, with an annualized yield of 3.1%, indicating a positive trend in shareholder return.

Moors & Cabot Inc. lowered its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 7.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 61,534 shares of the medical technology company's stock after selling 4,947 shares during the period. Moors & Cabot Inc.'s holdings in Medtronic were worth $5,529,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. ProVise Management Group LLC raised its stake in Medtronic by 11.9% in the first quarter. ProVise Management Group LLC now owns 140,497 shares of the medical technology company's stock valued at $12,625,000 after purchasing an additional 14,915 shares in the last quarter. Shufro Rose & Co. LLC raised its stake in Medtronic by 6.3% in the first quarter. Shufro Rose & Co. LLC now owns 22,551 shares of the medical technology company's stock valued at $2,026,000 after purchasing an additional 1,334 shares in the last quarter. EFG Asset Management Americas Corp. acquired a new position in Medtronic in the first quarter valued at about $2,122,000. Harbour Investments Inc. raised its stake in Medtronic by 6.0% in the first quarter. Harbour Investments Inc. now owns 11,465 shares of the medical technology company's stock valued at $1,030,000 after purchasing an additional 653 shares in the last quarter. Finally, HHM Wealth Advisors LLC increased its stake in Medtronic by 18.9% in the first quarter. HHM Wealth Advisors LLC now owns 3,595 shares of the medical technology company's stock valued at $323,000 after acquiring an additional 571 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MDT. Evercore ISI lifted their price objective on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Finally, Citigroup lifted their price target on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Eleven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Medtronic presently has a consensus rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Price Performance

Medtronic stock traded down $0.93 during mid-day trading on Friday, reaching $89.31. The company had a trading volume of 6,507,377 shares, compared to its average volume of 6,483,095. The business has a fifty day simple moving average of $87.76 and a 200 day simple moving average of $87.82. The company has a market cap of $114.54 billion, a P/E ratio of 24.67, a P/E/G ratio of 2.32 and a beta of 0.80. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week 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 issued its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm's quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the business earned $1.46 EPS. On average, equities research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

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

About Medtronic

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.