Parallel Advisors LLC Has $2.11 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Parallel Advisors LLC lifted its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 18.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 23,429 shares of the medical technology company's stock after acquiring an additional 3,593 shares during the period. Parallel Advisors LLC's holdings in Medtronic were worth $2,105,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in MDT. Vanguard Group Inc. boosted its stake in shares of Medtronic by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock valued at $9,921,367,000 after purchasing an additional 754,395 shares in the last quarter. Capital Research Global Investors raised its stake in shares of Medtronic by 1.8% in the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock valued at $2,652,310,000 after acquiring an additional 571,700 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Medtronic by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock worth $2,155,085,000 after acquiring an additional 574,055 shares in the last quarter. Deutsche Bank AG grew 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 acquiring an additional 372,168 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on MDT. Robert W. Baird cut their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Monday, May 19th. UBS Group raised their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Royal Bank of Canada cut their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Finally, Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Nine analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic currently has an average rating of "Moderate Buy" and a consensus price target of $97.00.

Medtronic Trading Up 2.2%

Medtronic stock traded up $1.84 during mid-day trading on Tuesday, hitting $85.58. 11,977,357 shares of the company's stock were exchanged, compared to its average volume of 6,833,776. The company's 50 day simple moving average is $84.10 and its 200-day simple moving average is $86.17. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $109.76 billion, a P/E ratio of 26.01, a PEG ratio of 2.22 and a beta of 0.81. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same quarter last year, the firm posted $1.46 earnings per share. Medtronic's revenue was up 3.9% compared to the same quarter last year. On average, equities analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.32%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. 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.