Pekin Hardy Strauss Inc. Sells 14,753 Shares of Medtronic PLC (NYSE:MDT)

Pekin Hardy Strauss Inc. trimmed its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 20.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 55,844 shares of the medical technology company's stock after selling 14,753 shares during the period. Pekin Hardy Strauss Inc.'s holdings in Medtronic were worth $5,018,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Burkett Financial Services LLC raised its holdings in shares of Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after acquiring an additional 185 shares during the period. Rakuten Securities Inc. raised its holdings in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after acquiring an additional 294 shares during the period. Wood Tarver Financial Group LLC acquired a new stake in shares of Medtronic during the fourth quarter worth $27,000. Columbia River Financial Group LLC acquired a new stake in shares of Medtronic during the first quarter worth $28,000. Finally, Optiver Holding B.V. acquired a new stake in shares of Medtronic during the fourth quarter worth $31,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MDT has been the topic of several recent research reports. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Leerink Partners initiated coverage on shares of Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target on the stock. Royal Bank Of Canada lowered their price target on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Finally, Robert W. Baird lowered their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and a consensus price target of $97.87.

Medtronic Stock Performance

Shares of MDT traded down $0.66 during midday trading on Monday, reaching $87.73. The stock had a trading volume of 7,217,285 shares, compared to its average volume of 6,999,558. The firm has a market cap of $112.52 billion, a PE ratio of 24.23, a P/E/G ratio of 2.39 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. The firm has a 50 day simple moving average of $85.30 and a 200-day simple moving average of $86.63. Medtronic PLC has a one year low of $75.96 and a one year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its 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 during the quarter, compared to the consensus estimate 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 previous year, the firm posted $1.46 EPS. As a group, sell-side analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently announced 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 is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.24%. Medtronic's payout ratio is presently 78.45%.

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.