Longfellow Investment Management Co. LLC Sells 7,683 Shares of Medtronic PLC (NYSE:MDT)

Longfellow Investment Management Co. LLC trimmed its holdings in Medtronic PLC (NYSE:MDT) by 52.4% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 6,992 shares of the medical technology company’s stock after selling 7,683 shares during the quarter. Longfellow Investment Management Co. LLC’s holdings in Medtronic were worth $628,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Nuveen LLC bought a new stake in Medtronic during the 1st quarter valued at $260,649,000. Burgundy Asset Management Ltd. purchased a new position in Medtronic during the 4th quarter valued at $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Medtronic during the 4th quarter valued at $139,869,000. Mackenzie Financial Corp increased its position in Medtronic by 220.9% during the 1st quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company’s stock valued at $216,753,000 after purchasing an additional 1,660,357 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Medtronic by 21.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,910,161 shares of the medical technology company’s stock valued at $711,744,000 after purchasing an additional 1,566,776 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Medtronic Price Performance

MDT opened at $92.94 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The stock has a market capitalization of $119.13 billion, a P/E ratio of 25.67, a P/E/G ratio of 2.41 and a beta of 0.80. The company’s 50-day simple moving average is $88.65 and its two-hundred day simple moving average is $87.92. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to analysts’ expectations of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 EPS. As a group, analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently announced 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 annualized dividend and a yield of 3.1%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is currently 78.45%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MDT shares. Evercore ISI boosted their price objective on shares of Medtronic from $103.00 to $106.00 and gave the company an “outperform” rating in a research report on Tuesday, July 8th. Mizuho upped their target price on shares of Medtronic from $98.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. Wolfe Research raised shares of Medtronic from an “underperform” rating to a “peer perform” rating in a research report on Monday, June 30th. Citigroup upped their target price on shares of Medtronic from $98.00 to $99.00 and gave the stock a “buy” rating in a research report on Wednesday, July 9th. Finally, Royal Bank Of Canada reduced their target price on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Twelve investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Medtronic presently has an average rating of “Moderate Buy” and an average target price of $98.19.

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.