Legacy Advisors LLC Sells 299 Shares of Medtronic PLC (NYSE:MDT)

Legacy Advisors LLC lessened its holdings in shares of Medtronic PLC (NYSE:MDT) by 2.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,555 shares of the medical technology company’s stock after selling 299 shares during the period. Legacy Advisors LLC’s holdings in Medtronic were worth $1,228,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. MONECO Advisors LLC increased its holdings in Medtronic by 1.8% during the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock valued at $512,000 after purchasing an additional 115 shares during the period. Dunhill Financial LLC grew its position in shares of Medtronic by 17.2% in the 1st quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company’s stock worth $76,000 after buying an additional 124 shares during the last quarter. Faithward Advisors LLC grew its position in shares of Medtronic by 2.7% in the 4th quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company’s stock worth $403,000 after buying an additional 134 shares during the last quarter. Vestor Capital LLC increased its stake in shares of Medtronic by 0.3% during the fourth quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company’s stock valued at $4,104,000 after buying an additional 138 shares during the period. Finally, L. Roy Papp & Associates LLP raised its holdings in shares of Medtronic by 2.8% during the first quarter. L. Roy Papp & Associates LLP now owns 5,099 shares of the medical technology company’s stock valued at $458,000 after acquiring an additional 138 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MDT. Mizuho dropped their price target on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Leerink Partnrs upgraded shares of Medtronic to a “strong-buy” rating in a report on Monday, June 16th. Royal Bank Of Canada dropped their target price on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. Robert W. Baird reduced their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Eight 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $97.87.

Medtronic Price Performance

Shares of NYSE MDT opened at $86.12 on Wednesday. The company has a 50 day simple moving average of $84.60 and a two-hundred day simple moving average of $86.29. Medtronic PLC has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a market capitalization of $110.45 billion, a price-to-earnings ratio of 23.79, a P/E/G ratio of 2.32 and a beta of 0.79. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share 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 analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter last year, the company earned $1.46 EPS. Analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a $0.71 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.30%. Medtronic’s payout ratio is presently 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.