Medtronic PLC (NYSE:MDT) Position Reduced by Boston Family Office LLC

Boston Family Office LLC cut its position in shares of Medtronic PLC (NYSE:MDT) by 3.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,395 shares of the medical technology company’s stock after selling 910 shares during the quarter. Boston Family Office LLC’s holdings in Medtronic were worth $2,372,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Burkett Financial Services LLC lifted 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 valued at $26,000 after buying an additional 185 shares in the last quarter. Columbia River Financial Group LLC purchased a new stake in Medtronic during the first quarter valued at about $28,000. Wood Tarver Financial Group LLC purchased a new stake in Medtronic during the fourth quarter valued at about $27,000. Hughes Financial Services LLC purchased a new stake in shares of Medtronic in the first quarter worth approximately $32,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic in the fourth quarter worth approximately $31,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of MDT opened at $92.98 on Friday. Medtronic PLC has a twelve month low of $79.29 and a twelve month 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’s 50 day moving average price is $89.32 and its 200 day moving average price is $88.01. The firm has a market cap of $119.18 billion, a PE ratio of 25.69, a PEG ratio of 2.39 and a beta of 0.80.

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

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.1%. The ex-dividend date is Friday, September 26th. Medtronic’s dividend payout ratio (DPR) is 78.45%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Evercore ISI increased their price target on shares of Medtronic from $103.00 to $106.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. Morgan Stanley reissued an “overweight” rating and issued a $107.00 price target (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Mizuho increased their price target 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. Wall Street Zen lowered shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Royal Bank Of Canada reduced their price target on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. Twelve equities research 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 company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.19.

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.