Harrell Investment Partners LLC Lowers Position in Medtronic PLC (NYSE:MDT)

Harrell Investment Partners LLC reduced its stake in Medtronic PLC (NYSE:MDT) by 1.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 44,758 shares of the medical technology company’s stock after selling 528 shares during the quarter. Harrell Investment Partners LLC’s holdings in Medtronic were worth $4,022,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of MDT. Brighton Jones LLC increased its holdings in Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock worth $3,194,000 after acquiring an additional 37,265 shares during the last quarter. J.W. Cole Advisors Inc. increased its holdings in Medtronic by 3.5% in the 4th quarter. J.W. Cole Advisors Inc. now owns 9,778 shares of the medical technology company’s stock worth $781,000 after acquiring an additional 328 shares during the last quarter. Americana Partners LLC increased its holdings in Medtronic by 5.8% in the 4th quarter. Americana Partners LLC now owns 6,884 shares of the medical technology company’s stock worth $550,000 after acquiring an additional 379 shares during the last quarter. Empower Advisory Group LLC increased its holdings in Medtronic by 5.5% in the 4th quarter. Empower Advisory Group LLC now owns 4,447 shares of the medical technology company’s stock worth $355,000 after acquiring an additional 231 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its holdings in Medtronic by 183.2% in the 4th quarter. Venturi Wealth Management LLC now owns 6,374 shares of the medical technology company’s stock worth $509,000 after acquiring an additional 4,123 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of MDT stock opened at $85.68 on Thursday. Medtronic PLC has a 52-week low of $75.96 and a 52-week 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. The firm has a market capitalization of $109.88 billion, a P/E ratio of 23.67, a P/E/G ratio of 2.33 and a beta of 0.79. The stock has a 50 day moving average price of $84.35 and a 200 day moving average price of $86.26.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. Medtronic’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period last year, the company earned $1.46 EPS. As a group, sell-side analysts predict that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is currently 77.35%.

Analysts Set New Price Targets

MDT has been the subject of several analyst reports. Leerink Partnrs upgraded Medtronic to a “strong-buy” rating in a research note on Monday. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Robert W. Baird cut their target price on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Finally, Mizuho cut their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $97.87.

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.