Braun Bostich & Associates Inc. reduced its holdings in Medtronic PLC (NYSE:MDT) by 6.7% during the first quarter, Holdings Channel reports. The firm owned 5,203 shares of the medical technology company’s stock after selling 375 shares during the period. Braun Bostich & Associates Inc.’s holdings in Medtronic were worth $438,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Medtronic during the fourth quarter worth $1,648,853,000. Investec Asset Management LTD purchased a new position in Medtronic in the 4th quarter worth about $494,986,000. Amundi Pioneer Asset Management Inc. raised its holdings in Medtronic by 23.2% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 8,968,638 shares of the medical technology company’s stock worth $1,017,493,000 after buying an additional 1,690,287 shares during the period. M&G Investment Management Ltd. acquired a new stake in Medtronic during the 4th quarter worth about $167,466,000. Finally, Geode Capital Management LLC lifted its stake in Medtronic by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 19,687,292 shares of the medical technology company’s stock valued at $2,229,034,000 after buying an additional 1,225,925 shares in the last quarter. 81.74% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts have recently issued reports on MDT shares. Citigroup cut their price target on shares of Medtronic from $124.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, March 27th. Sanford C. Bernstein reissued a “hold” rating and set a $112.00 target price on shares of Medtronic in a research note on Thursday, April 23rd. Cfra upgraded Medtronic from a “buy” rating to a “strong-buy” rating and reduced their target price for the company from $127.00 to $121.00 in a report on Thursday. Credit Suisse Group lowered their price target on Medtronic from $126.00 to $121.00 and set an “outperform” rating on the stock in a report on Friday, March 6th. Finally, DZ Bank downgraded Medtronic from a “buy” rating to a “hold” rating and set a $92.00 price objective for the company. in a research note on Thursday, May 14th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $115.03.

NYSE:MDT traded down $1.58 during trading hours on Friday, reaching $93.83. The company’s stock had a trading volume of 4,030,282 shares, compared to its average volume of 5,117,837. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.75 and a quick ratio of 2.28. The company has a market cap of $124.93 billion, a price-to-earnings ratio of 23.74, a price-to-earnings-growth ratio of 2.64 and a beta of 0.69. Medtronic PLC has a one year low of $72.13 and a one year high of $122.15. The business’s 50-day moving average is $96.59 and its 200-day moving average is $105.87.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Thursday, May 21st. The medical technology company reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.70). The company had revenue of $6 billion during the quarter, compared to analyst estimates of $6.10 billion. Medtronic had a return on equity of 14.76% and a net margin of 17.11%. Medtronic’s quarterly revenue was down 26.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.54 EPS. On average, sell-side analysts predict that Medtronic PLC will post 4.68 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.47%. The ex-dividend date is Thursday, June 25th. This is an increase from Medtronic’s previous quarterly dividend of $0.54. Medtronic’s dividend payout ratio (DPR) is 41.38%.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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