W.H. Cornerstone Investments Inc. Has $1.10 Million Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• W.H. Cornerstone Investments Inc. increased its stake in Medtronic PLC by 71.5%, holding 12,253 shares valued at approximately $1.1 million as of the latest SEC filing.
• Medtronic reported a quarterly EPS of $1.62, exceeding expectations, with revenues reaching $8.93 billion, a year-over-year increase of 3.9%.
• The company declared a dividend of $0.71 per share, raising its annualized yield to 3.2%, up from the previous $0.70 dividend.

W.H. Cornerstone Investments Inc. lifted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 71.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,253 shares of the medical technology company's stock after purchasing an additional 5,107 shares during the period. W.H. Cornerstone Investments Inc.'s holdings in Medtronic were worth $1,101,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC boosted its stake in Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after acquiring an additional 37,265 shares during the last quarter. Prudential PLC boosted its stake in Medtronic by 18.9% in the fourth quarter. Prudential PLC now owns 38,208 shares of the medical technology company's stock valued at $3,052,000 after acquiring an additional 6,066 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC boosted its stake in Medtronic by 4.7% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 215,375 shares of the medical technology company's stock valued at $17,204,000 after acquiring an additional 9,646 shares during the last quarter. Sit Investment Associates Inc. boosted its stake in Medtronic by 39.5% in the fourth quarter. Sit Investment Associates Inc. now owns 57,510 shares of the medical technology company's stock valued at $4,594,000 after acquiring an additional 16,280 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Medtronic by 5.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 4,387,426 shares of the medical technology company's stock valued at $350,468,000 after acquiring an additional 232,277 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Down 1.0%

NYSE:MDT opened at $89.31 on Monday. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The stock has a market capitalization of $114.54 billion, a P/E ratio of 24.67, a P/E/G ratio of 2.32 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The company's 50-day simple moving average is $87.76 and its 200-day simple moving average is $87.85.

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

Medtronic Increases Dividend

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

Analyst Ratings Changes

A number of brokerages recently commented on MDT. Robert W. Baird dropped 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. Evercore ISI increased their price target on shares of Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Finally, Royal Bank Of Canada reduced their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Eleven analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $98.19.

About Medtronic

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.

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