Manning & Napier Advisors LLC Lowers Holdings in Medtronic PLC (NYSE:MDT)

Manning & Napier Advisors LLC lessened its stake in Medtronic PLC (NYSE:MDT) by 7.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 267,450 shares of the medical technology company’s stock after selling 21,667 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Medtronic were worth $24,033,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Norges Bank purchased a new position in Medtronic in the 4th quarter worth about $1,163,580,000. Raymond James Financial Inc. purchased a new position in Medtronic in the 4th quarter worth about $852,732,000. Beutel Goodman & Co Ltd. purchased a new position in Medtronic in the 4th quarter worth about $377,169,000. Invesco Ltd. raised its position in Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after buying an additional 2,333,600 shares during the last quarter. Finally, Burgundy Asset Management Ltd. purchased a new position in Medtronic in the 4th quarter worth about $174,329,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.7%

Shares of NYSE:MDT opened at $86.30 on Friday. The stock has a 50 day moving average of $84.49 and a 200 day moving average of $86.27. The company has a market cap of $110.68 billion, a PE ratio of 23.84, a price-to-earnings-growth ratio of 2.33 and a beta of 0.79. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 12-month low of $75.96 and a 12-month high of $96.25.

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

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. 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 3.29%. Medtronic’s payout ratio is 77.35%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Mizuho decreased their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Robert W. Baird reduced their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Leerink Partnrs raised shares of Medtronic to a “strong-buy” rating in a research report on Monday, June 16th. Finally, Leerink Partners started coverage on shares of Medtronic in a research report on Monday, June 16th. They set an “outperform” rating and a $110.00 price target for the company. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $97.87.

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.