Coastwise Capital Group LLC Has $539,000 Position in Medtronic PLC (NYSE:MDT)

Coastwise Capital Group LLC reduced its holdings in Medtronic PLC (NYSE:MDT) by 4.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,000 shares of the medical technology company’s stock after selling 300 shares during the period. Coastwise Capital Group LLC’s holdings in Medtronic were worth $539,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Medtronic by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock worth $9,921,367,000 after buying an additional 754,395 shares during the period. Capital Research Global Investors boosted its holdings in shares of Medtronic by 1.8% during the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock worth $2,652,310,000 after buying an additional 571,700 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Medtronic by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock worth $2,155,085,000 after buying an additional 574,055 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Medtronic by 7.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company’s stock worth $2,001,903,000 after buying an additional 1,461,841 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Medtronic by 3.8% during the 1st quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company’s stock worth $1,858,332,000 after buying an additional 756,192 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MDT. Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a research report on Saturday, June 21st. Wolfe Research upgraded shares of Medtronic from an “underperform” rating to a “peer perform” rating in a research report on Monday, June 30th. Royal Bank Of Canada decreased 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. Leerink Partners began coverage on shares of Medtronic in a report on Monday, June 16th. They set an “outperform” rating and a $110.00 price target for the company. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Medtronic in a report on Friday, July 11th. Eleven analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.19.

Medtronic Trading Up 0.1%

Shares of NYSE MDT opened at $89.63 on Friday. 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 PLC has a 52-week low of $78.32 and a 52-week high of $96.25. The firm has a 50 day moving average price of $86.41 and a two-hundred day moving average price of $87.18. The stock has a market cap of $114.95 billion, a P/E ratio of 24.76, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80.

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, topping the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion during 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%. Medtronic’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.46 earnings per share. As a group, equities analysts forecast 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. Investors of record on Friday, June 27th were given a dividend of $0.71 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic’s dividend payout ratio (DPR) is presently 78.45%.

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.