Nisa Investment Advisors LLC Trims Position in Medtronic PLC (NYSE:MDT)

Nisa Investment Advisors LLC lowered its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 22.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 431,312 shares of the medical technology company's stock after selling 123,338 shares during the quarter. Nisa Investment Advisors LLC's holdings in Medtronic were worth $39,060,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Moloney Securities Asset Management LLC increased its position in shares of Medtronic by 28.3% during the first quarter. Moloney Securities Asset Management LLC now owns 44,010 shares of the medical technology company's stock worth $3,955,000 after acquiring an additional 9,704 shares during the period. Slagle Financial LLC increased its position in shares of Medtronic by 1.1% during the first quarter. Slagle Financial LLC now owns 33,541 shares of the medical technology company's stock worth $3,014,000 after acquiring an additional 365 shares during the period. Chemung Canal Trust Co. increased its holdings in Medtronic by 43.5% in the first quarter. Chemung Canal Trust Co. now owns 47,760 shares of the medical technology company's stock valued at $4,292,000 after buying an additional 14,468 shares during the last quarter. Cornerstone Planning Group LLC increased its holdings in Medtronic by 205.4% in the first quarter. Cornerstone Planning Group LLC now owns 678 shares of the medical technology company's stock valued at $57,000 after buying an additional 456 shares during the last quarter. Finally, Greenleaf Trust increased its holdings in Medtronic by 51.0% in the first quarter. Greenleaf Trust now owns 21,279 shares of the medical technology company's stock valued at $1,912,000 after buying an additional 7,184 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

Shares of NYSE:MDT traded up $0.62 during trading on Friday, hitting $90.02. 12,258,801 shares of the stock were exchanged, compared to its average volume of 7,021,901. The company has a fifty day moving average price of $85.77 and a two-hundred day moving average price of $86.82. The company has a market cap of $115.45 billion, a PE ratio of 24.87, a P/E/G ratio of 2.32 and a beta of 0.80. 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 PLC has a 12-month low of $76.68 and a 12-month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company's quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.46 EPS. On average, analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were paid a $0.71 dividend. The ex-dividend date was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.15%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is presently 78.45%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MDT shares. Mizuho decreased their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Citigroup upped their price objective on shares of Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research note on Wednesday. Leerink Partners started coverage on shares of Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective for the company. Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $97.47.

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.