S&CO Inc. Has $9.91 Million Position in Medtronic PLC (NYSE:MDT)

Key Points

• S&CO Inc. has decreased its holdings in Medtronic PLC by 7.0%, selling 8,253 shares during the 1st quarter, while retaining 110,270 shares valued at approximately $9.9 million.
• Analysts have provided mixed ratings on Medtronic, with new price targets ranging from $90.00 to $107.00, reflecting differing outlooks on the stock's performance.
• Medtronic recently raised its quarterly dividend to $0.71 per share, representing a dividend yield of 3.09%, reflecting the company's commitment to shareholder returns.

S&CO Inc. reduced its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 7.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 110,270 shares of the medical technology company's stock after selling 8,253 shares during the quarter. S&CO Inc.'s holdings in Medtronic were worth $9,908,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Burkett Financial Services LLC raised its stake in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares during the period. Columbia River Financial Group LLC acquired a new stake in Medtronic during the 1st quarter valued at $28,000. Wood Tarver Financial Group LLC acquired a new stake in Medtronic during the 4th quarter valued at $27,000. Hughes Financial Services LLC acquired a new stake in Medtronic during the 1st quarter valued at $32,000. Finally, Optiver Holding B.V. acquired a new stake in Medtronic during the 4th quarter valued at $31,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

MDT stock traded down $0.93 during mid-day trading on Friday, reaching $89.31. 6,490,760 shares of the stock traded hands, compared to its average volume of 7,684,914. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $96.25. The business has a 50-day moving average of $87.59 and a two-hundred day moving average of $87.80. The firm has a market capitalization of $114.54 billion, a PE ratio of 24.67, a P/E/G ratio of 2.38 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results 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. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. During the same period in the prior year, the company earned $1.46 earnings per share. The business's quarterly revenue was up 3.9% compared to the same quarter last year. As a group, equities analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.2%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date was Friday, June 27th. Medtronic's dividend payout ratio is currently 78.45%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Citigroup boosted their price target on shares of Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. William Blair upgraded shares of Medtronic to a "hold" rating in a report on Friday, July 11th. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Finally, Morgan Stanley restated an "overweight" rating and set a $107.00 price target (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Eleven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued 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 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.