Modera Wealth Management LLC Lowers Stock Position in Medtronic PLC (NYSE:MDT)

Modera Wealth Management LLC lowered its position in shares of Medtronic PLC (NYSE:MDT) by 21.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,144 shares of the medical technology company’s stock after selling 837 shares during the quarter. Modera Wealth Management LLC’s holdings in Medtronic were worth $282,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Capital Research Global Investors lifted its position in Medtronic by 1.8% during the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock valued at $2,652,310,000 after buying an additional 571,700 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Medtronic by 7.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company’s stock valued at $2,001,903,000 after buying an additional 1,461,841 shares during the period. Bank of New York Mellon Corp lifted its position in Medtronic by 3.8% during the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company’s stock valued at $1,858,332,000 after buying an additional 756,192 shares during the period. Deutsche Bank AG lifted its position in Medtronic by 2.1% during the fourth quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company’s stock valued at $1,473,278,000 after buying an additional 372,168 shares during the period. Finally, Invesco Ltd. lifted its position in Medtronic by 17.8% during the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after buying an additional 2,333,600 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MDT shares. Evercore ISI raised their price objective on Medtronic from $103.00 to $106.00 and gave the company an “outperform” rating in a research report on Tuesday, July 8th. William Blair raised Medtronic to a “hold” rating in a research report on Friday, July 11th. Morgan Stanley reaffirmed an “overweight” rating and issued a $107.00 price target (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Robert W. Baird lowered their price target on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Finally, Leerink Partners started coverage on Medtronic in a research report on Monday, June 16th. They issued an “outperform” rating and a $110.00 price target for the company. Eleven research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $98.19.

Medtronic Trading Down 1.0%

Medtronic stock opened at $89.31 on Friday. The business has a 50-day simple moving average of $87.76 and a two-hundred day simple moving average of $87.82. The company has a market cap of $114.54 billion, a P/E ratio of 24.67, a P/E/G ratio of 2.34 and a beta of 0.80. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT) last released its quarterly earnings results 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 business 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 business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.46 EPS. Analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

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

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.