Victory Capital Management Inc. Trims Holdings in Medtronic PLC (NYSE:MDT)

Victory Capital Management Inc. trimmed its position in Medtronic PLC (NYSE:MDT - Free Report) by 9.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,738,579 shares of the medical technology company's stock after selling 180,097 shares during the period. Victory Capital Management Inc. owned about 0.14% of Medtronic worth $156,229,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dunhill Financial LLC lifted its holdings in shares of Medtronic by 17.2% during the 1st quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock valued at $76,000 after purchasing an additional 124 shares in the last quarter. Cidel Asset Management Inc. lifted its holdings in shares of Medtronic by 1.3% during the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock valued at $856,000 after purchasing an additional 126 shares in the last quarter. Petros Family Wealth LLC lifted its holdings in shares of Medtronic by 4.3% during the 1st quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after purchasing an additional 127 shares in the last quarter. Faithward Advisors LLC lifted its holdings in shares of Medtronic by 2.7% during the 4th quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock valued at $403,000 after purchasing an additional 134 shares in the last quarter. Finally, Vestor Capital LLC lifted its holdings in shares of Medtronic by 0.3% during the 4th quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company's stock valued at $4,104,000 after purchasing an additional 138 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Up 0.6%

MDT opened at $89.74 on Thursday. Medtronic PLC has a 1-year low of $77.94 and a 1-year high of $96.25. The stock's fifty day simple moving average is $86.16 and its 200 day simple moving average is $86.99. 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 stock has a market cap of $115.10 billion, a PE ratio of 24.79, a price-to-earnings-growth ratio of 2.32 and a beta of 0.80.

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

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend was Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is 78.45%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MDT. William Blair upgraded Medtronic to a "hold" rating in a report on Friday, July 11th. Robert W. Baird reduced their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Morgan Stanley reaffirmed an "overweight" rating and set a $107.00 price target (up previously from $98.00) on shares of Medtronic in a research report on Tuesday. Finally, Royal Bank Of Canada reduced their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Eleven equities research 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 company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.19.

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.

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.