Harrell Investment Partners LLC Reduces Stock Position in Medtronic PLC (NYSE:MDT)

Harrell Investment Partners LLC cut its stake in Medtronic PLC (NYSE:MDT) by 1.2% in the first quarter, Holdings Channel.com reports. The firm owned 44,758 shares of the medical technology company’s stock after selling 528 shares during the quarter. Harrell Investment Partners LLC’s holdings in Medtronic were worth $4,022,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. TCTC Holdings LLC lifted its holdings in Medtronic by 3.4% in the fourth quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company’s stock valued at $3,173,000 after acquiring an additional 1,301 shares during the last quarter. Brighton Jones LLC lifted its holdings 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. Oxford Asset Management LLP lifted its holdings in Medtronic by 70.1% in the fourth quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company’s stock valued at $594,000 after acquiring an additional 3,068 shares during the last quarter. New Vernon Investment Management LLC lifted its holdings in Medtronic by 304.9% in the fourth quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company’s stock valued at $2,425,000 after acquiring an additional 22,300 shares during the last quarter. Finally, Advisor OS LLC lifted its holdings in Medtronic by 152.0% in the fourth quarter. Advisor OS LLC now owns 11,800 shares of the medical technology company’s stock valued at $943,000 after acquiring an additional 7,118 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on MDT shares. Mizuho decreased their price objective on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. Robert W. Baird decreased their price target on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, May 22nd. Leerink Partners assumed coverage on Medtronic in a research note on Monday. They set an “outperform” rating and a $110.00 price target on the stock. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and upped their price target for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Finally, Royal Bank Of Canada decreased their price target on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Nine investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic currently has a consensus rating of “Moderate Buy” and an average target price of $97.87.

Medtronic Price Performance

MDT stock opened at $85.68 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The firm has a market capitalization of $109.88 billion, a P/E ratio of 23.67, a P/E/G ratio of 2.33 and a beta of 0.79. The business’s 50-day moving average is $84.35 and its two-hundred day moving average is $86.26. Medtronic PLC has a 1 year low of $75.96 and a 1 year high of $96.25.

Medtronic (NYSE:MDT) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $8.81 billion. During the same quarter last year, the company earned $1.46 EPS. The business’s quarterly revenue was up 3.9% on a year-over-year basis. Analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is 77.35%.

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.