Voloridge Investment Management LLC Sells 95,988 Shares of Medtronic plc (NYSE:MDT)

Voloridge Investment Management LLC lessened its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 46.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 110,701 shares of the medical technology company's stock after selling 95,988 shares during the quarter. Voloridge Investment Management LLC's holdings in Medtronic were worth $8,843,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Red Door Wealth Management LLC increased its holdings in shares of Medtronic by 13.8% in the 4th quarter. Red Door Wealth Management LLC now owns 4,225 shares of the medical technology company's stock worth $337,000 after buying an additional 512 shares during the last quarter. Secure Asset Management LLC purchased a new stake in Medtronic during the fourth quarter valued at about $285,000. Apeiron RIA LLC lifted its stake in Medtronic by 41.1% during the fourth quarter. Apeiron RIA LLC now owns 3,724 shares of the medical technology company's stock worth $297,000 after purchasing an additional 1,084 shares during the last quarter. Brighton Jones LLC boosted its holdings in shares of Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after purchasing an additional 37,265 shares in the last quarter. Finally, Cornerstone Wealth Management LLC increased its position in shares of Medtronic by 11.5% during the 4th quarter. Cornerstone Wealth Management LLC now owns 14,242 shares of the medical technology company's stock valued at $1,138,000 after purchasing an additional 1,464 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MDT has been the subject of several analyst reports. Mizuho dropped their target price on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and lifted their price target for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Monday, May 19th. UBS Group boosted their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Finally, Wall Street Zen cut shares of Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of "Hold" and a consensus price target of $96.07.

Medtronic Stock Performance

Shares of Medtronic stock traded up $0.08 during trading on Wednesday, hitting $81.26. 7,514,297 shares of the company's stock traded hands, compared to its average volume of 6,817,858. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The business has a 50-day simple moving average of $84.64 and a 200-day simple moving average of $86.31. The stock has a market capitalization of $104.22 billion, a P/E ratio of 24.70, a PEG ratio of 2.22 and a beta of 0.81. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

Medtronic (NYSE:MDT - Get Free Report) last announced 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 net margin of 12.83% and a return on equity of 14.07%. The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same period in the previous year, the business posted $1.46 earnings per share. The business's revenue for the quarter was up 3.9% on a year-over-year basis. As a group, analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date is Friday, June 27th. Medtronic's payout ratio is currently 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.