Portside Wealth Group LLC Trims Stock Position in Medtronic plc (NYSE:MDT)

Portside Wealth Group LLC trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 0.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,782 shares of the medical technology company’s stock after selling 321 shares during the period. Medtronic comprises approximately 0.9% of Portside Wealth Group LLC’s holdings, making the stock its 23rd biggest holding. Portside Wealth Group LLC’s holdings in Medtronic were worth $5,192,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Brighton Jones LLC raised its position in shares of Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after buying an additional 37,265 shares during the last quarter. Chicago Partners Investment Group LLC grew its stake in Medtronic by 43.9% in the 4th quarter. Chicago Partners Investment Group LLC now owns 7,009 shares of the medical technology company’s stock worth $579,000 after acquiring an additional 2,139 shares during the period. Spire Wealth Management grew its stake in Medtronic by 26.5% in the 4th quarter. Spire Wealth Management now owns 11,849 shares of the medical technology company’s stock worth $946,000 after acquiring an additional 2,481 shares during the period. Greenleaf Trust raised its holdings in Medtronic by 9.1% in the 4th quarter. Greenleaf Trust now owns 14,095 shares of the medical technology company’s stock valued at $1,126,000 after acquiring an additional 1,174 shares during the last quarter. Finally, CENTRAL TRUST Co lifted its stake in shares of Medtronic by 4.0% during the 4th quarter. CENTRAL TRUST Co now owns 10,478 shares of the medical technology company’s stock worth $837,000 after purchasing an additional 402 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on MDT. Wall Street Zen downgraded Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Royal Bank of Canada dropped their price objective on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Mizuho decreased their target price on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday, May 19th. Finally, UBS Group increased their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Nine equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Medtronic presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.00.

Medtronic Stock Up 2.2%

Shares of NYSE MDT opened at $85.58 on Wednesday. The stock has a fifty day moving average price of $84.04 and a 200 day moving average price of $86.16. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The company has a market cap of $109.76 billion, a P/E ratio of 26.01, a P/E/G ratio of 2.22 and a beta of 0.81.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.46 earnings per share. Research analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.32%. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is currently 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.