Medtronic PLC (NYSE:MDT) Shares Sold by Meritage Portfolio Management

by · The Markets Daily

Meritage Portfolio Management trimmed its holdings in shares of Medtronic PLC (NYSE:MDT – Free Report) by 0.9% in the first quarter, Holdings Channel reports. The firm owned 39,597 shares of the medical technology company’s stock after selling 351 shares during the period. Meritage Portfolio Management’s holdings in Medtronic were worth $3,558,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Burkett Financial Services LLC boosted its stake in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after buying an additional 185 shares during the period. Rakuten Securities Inc. lifted its holdings in shares of Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC purchased a new position in shares of Medtronic during the 4th quarter worth approximately $27,000. Optiver Holding B.V. purchased a new position in shares of Medtronic during the 4th quarter worth approximately $31,000. Finally, Chapman Financial Group LLC acquired a new stake in Medtronic in the 4th quarter valued at approximately $33,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of research reports. Wall Street Zen upgraded Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. Mizuho cut their price objective on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. Robert W. Baird decreased their target price on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, May 22nd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Finally, Leerink Partnrs raised Medtronic to a “strong-buy” rating in a research report on Monday, June 16th. Nine analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $97.87.

Check Out Our Latest Research Report on MDT

Medtronic Stock Performance

Shares of MDT opened at $88.50 on Friday. The stock has a 50-day simple moving average of $85.21 and a 200-day simple moving average of $86.49. The stock has a market capitalization of $113.50 billion, a PE ratio of 24.45, a PEG ratio of 2.38 and a beta of 0.80. Medtronic PLC has a 1 year low of $75.96 and a 1 year high of $96.25. 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 – Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the prior year, the firm posted $1.46 EPS. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. On average, analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.21%. The ex-dividend date is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio is 78.45%.

About Medtronic

(Free Report)

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.

Further Reading

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