Medtronic PLC (NYSE:MDT) Position Cut by Parkwood LLC

Parkwood LLC lowered its position in Medtronic PLC (NYSE:MDT) by 48.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,179 shares of the medical technology company’s stock after selling 3,992 shares during the period. Parkwood LLC’s holdings in Medtronic PLC were worth $337,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of MDT. FormulaFolio Investments LLC purchased a new stake in shares of Medtronic PLC during the first quarter valued at about $236,000. High Pointe Capital Management LLC purchased a new stake in shares of Medtronic PLC during the first quarter valued at about $854,000. TD Asset Management Inc. raised its stake in shares of Medtronic PLC by 4.4% in the first quarter. TD Asset Management Inc. now owns 1,398,864 shares of the medical technology company’s stock valued at $112,692,000 after buying an additional 59,520 shares during the last quarter. Smith Salley & Associates raised its stake in shares of Medtronic PLC by 2.5% in the first quarter. Smith Salley & Associates now owns 5,853 shares of the medical technology company’s stock valued at $472,000 after buying an additional 141 shares during the last quarter. Finally, First Foundation Advisors raised its stake in shares of Medtronic PLC by 9.1% in the first quarter. First Foundation Advisors now owns 331,721 shares of the medical technology company’s stock valued at $26,723,000 after buying an additional 27,639 shares during the last quarter. Institutional investors and hedge funds own 83.11% of the company’s stock.

Medtronic PLC (NYSE:MDT) opened at 86.06 on Tuesday. The stock has a market cap of $116.96 billion, a P/E ratio of 29.78 and a beta of 1.03. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72. The firm’s 50 day moving average price is $86.21 and its 200-day moving average price is $80.30.

Medtronic PLC (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 25th. The medical technology company reported $1.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.02. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. The company had revenue of $7.92 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same period last year, the firm posted $1.27 EPS. Medtronic PLC’s revenue for the quarter was up 4.6% on a year-over-year basis. Equities research analysts anticipate that Medtronic PLC will post $4.95 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th will be given a dividend of $0.46 per share. This is an increase from Medtronic PLC’s previous quarterly dividend of $0.43. This represents a $1.84 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Wednesday, July 5th. Medtronic PLC’s dividend payout ratio (DPR) is presently 63.67%.

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Several equities analysts have recently weighed in on the company. William Blair reiterated an “outperform” rating on shares of Medtronic PLC in a research report on Thursday, July 6th. BidaskClub upgraded Medtronic PLC from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Wells Fargo & Company restated an “outperform” rating on shares of Medtronic PLC in a research report on Wednesday, July 12th. Needham & Company LLC restated a “buy” rating and set a $95.00 target price (up from $91.00) on shares of Medtronic PLC in a research report on Thursday, May 25th. Finally, Barclays PLC restated an “overweight” rating and set a $94.00 target price (up from $92.00) on shares of Medtronic PLC in a research report on Sunday, May 28th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Medtronic PLC currently has a consensus rating of “Buy” and an average price target of $89.16.

In other news, Director Richard H. Anderson bought 5,600 shares of the stock in a transaction dated Wednesday, June 21st. The shares were acquired at an average price of $88.90 per share, with a total value of $497,840.00. Following the completion of the acquisition, the director now directly owns 71,910 shares in the company, valued at $6,392,799. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.25% of the stock is owned by insiders.

Medtronic PLC Company Profile

Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.

Institutional Ownership by Quarter for Medtronic PLC (NYSE:MDT)

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