Principal Financial Group Inc. Trims Stock Position in Medtronic PLC (NYSE:MDT)

Principal Financial Group Inc. decreased its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 0.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,435,067 shares of the medical technology company's stock after selling 7,528 shares during the quarter. Principal Financial Group Inc. owned approximately 0.11% of Medtronic worth $128,955,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its position in Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after purchasing an additional 37,265 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Medtronic in the fourth quarter worth $13,132,000. Vestmark Advisory Solutions Inc. lifted its holdings in shares of Medtronic by 33.1% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 4,408 shares of the medical technology company's stock valued at $352,000 after buying an additional 1,095 shares during the period. E Fund Management Co. Ltd. boosted its position in Medtronic by 81.5% in the 4th quarter. E Fund Management Co. Ltd. now owns 7,132 shares of the medical technology company's stock worth $570,000 after purchasing an additional 3,202 shares in the last quarter. Finally, Hartford Funds Management Co LLC increased its holdings in Medtronic by 2.5% in the fourth quarter. Hartford Funds Management Co LLC now owns 8,283 shares of the medical technology company's stock valued at $662,000 after buying an additional 201 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Up 0.2%

Shares of NYSE MDT traded up $0.22 during midday trading on Friday, hitting $88.50. The company's stock had a trading volume of 2,989,470 shares, compared to its average volume of 6,988,170. Medtronic PLC has a 1 year low of $75.96 and a 1 year high of $96.25. The business's fifty day simple moving average is $85.30 and its two-hundred day simple moving average is $86.54. The firm has a market capitalization of $113.50 billion, a price-to-earnings ratio of 24.45, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42.

Medtronic (NYSE:MDT - Get Free Report) last posted 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. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the previous year, the firm posted $1.46 earnings per share. The company's quarterly revenue was up 3.9% compared to the same quarter last year. On average, equities analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is presently 78.45%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MDT shares. Mizuho decreased their target price on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Robert W. Baird reduced their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Leerink Partners assumed coverage on Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 target price on the stock. Finally, Royal Bank Of Canada cut their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus price target of $97.87.

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.