Olstein Capital Management L.P. Sells 10,000 Shares of Medtronic plc (NYSE:MDT)

Olstein Capital Management L.P. trimmed its stake in shares of Medtronic plc (NYSE:MDT) by 10.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 84,000 shares of the medical technology company’s stock after selling 10,000 shares during the quarter. Medtronic accounts for about 1.4% of Olstein Capital Management L.P.’s holdings, making the stock its 29th largest position. Olstein Capital Management L.P.’s holdings in Medtronic were worth $7,548,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of MDT. Brighton Jones LLC increased its stake 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. Golden State Wealth Management LLC purchased a new stake in Medtronic in the fourth quarter valued at approximately $78,000. Apollon Wealth Management LLC raised its stake in Medtronic by 0.9% in the fourth quarter. Apollon Wealth Management LLC now owns 42,213 shares of the medical technology company’s stock valued at $3,372,000 after purchasing an additional 383 shares in the last quarter. Wilmington Savings Fund Society FSB grew its stake in Medtronic by 2.3% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 75,060 shares of the medical technology company’s stock worth $5,996,000 after buying an additional 1,687 shares in the last quarter. Finally, Empowered Funds LLC grew its stake in Medtronic by 2.7% in the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company’s stock worth $8,453,000 after buying an additional 2,778 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MDT has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday. UBS Group upped their price objective on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. 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. Finally, Royal Bank of Canada reduced their price target on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $97.00.

Medtronic Price Performance

MDT stock opened at $87.38 on Monday. The stock has a market capitalization of $112.07 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 2.22 and a beta of 0.79. The firm’s 50-day moving average price is $83.92 and its two-hundred day moving average price is $86.19. 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.

Medtronic (NYSE:MDT) last released its quarterly earnings results 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. 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%. Medtronic’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.46 EPS. As a group, equities analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently announced 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. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.25%. Medtronic’s payout ratio is presently 78.45%.

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.