CVA Family Office LLC Boosts Stake in Medtronic plc (NYSE:MDT)

CVA Family Office LLC boosted its stake in shares of Medtronic plc (NYSE:MDT) by 6.9% in the first quarter, Holdings Channel reports. The institutional investor owned 10,910 shares of the medical technology company’s stock after acquiring an additional 704 shares during the period. CVA Family Office LLC’s holdings in Medtronic were worth $980,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. TCTC Holdings LLC lifted its holdings in shares of Medtronic by 3.4% during the 4th quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company’s stock valued at $3,173,000 after purchasing an additional 1,301 shares during the last quarter. Brighton Jones LLC lifted its holdings in shares of Medtronic by 1,368.0% during the 4th 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 during the last quarter. Oxford Asset Management LLP lifted its holdings in shares of Medtronic by 70.1% during the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company’s stock valued at $594,000 after purchasing an additional 3,068 shares during the last quarter. New Vernon Investment Management LLC lifted its holdings in shares of Medtronic by 304.9% during the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company’s stock valued at $2,425,000 after purchasing an additional 22,300 shares during the last quarter. Finally, Advisor OS LLC lifted its holdings in shares of Medtronic by 152.0% during the 4th quarter. Advisor OS LLC now owns 11,800 shares of the medical technology company’s stock valued at $943,000 after purchasing an additional 7,118 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

NYSE:MDT opened at $87.19 on Friday. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $111.83 billion, a PE ratio of 26.50, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The stock’s 50-day moving average price is $84.21 and its 200-day moving average price is $86.26.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.93 billion for the quarter, compared to analysts’ expectations of $8.81 billion. During the same period in the previous year, the firm posted $1.46 EPS. Medtronic’s revenue was up 3.9% compared to the same quarter last year. As a group, equities analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.26%. This is a boost from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. Medtronic’s payout ratio is presently 78.45%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Robert W. Baird decreased their price objective on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a report on Thursday, May 22nd. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and increased their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Mizuho reduced their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Wall Street Zen lowered Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. Finally, UBS Group raised their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $97.00.

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.