MONECO Advisors LLC Cuts Stake in Medtronic PLC (NYSE:MDT)

MONECO Advisors LLC reduced its stake in shares of Medtronic PLC (NYSE:MDT) by 2.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,271 shares of the medical technology company’s stock after selling 137 shares during the period. MONECO Advisors LLC’s holdings in Medtronic were worth $563,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Burkett Financial Services LLC raised its holdings in Medtronic by 185.0% in 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 during the period. Wood Tarver Financial Group LLC purchased a new position in Medtronic in the fourth quarter valued at approximately $27,000. Columbia River Financial Group LLC purchased a new position in Medtronic in the first quarter valued at approximately $28,000. Optiver Holding B.V. purchased a new position in Medtronic in the fourth quarter valued at approximately $31,000. Finally, Hughes Financial Services LLC purchased a new position in Medtronic in the first quarter valued at approximately $32,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MDT has been the topic of several research reports. Morgan Stanley restated an “overweight” rating and issued a $107.00 price target (up previously from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Robert W. Baird dropped their price objective on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, May 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Royal Bank Of Canada dropped their price objective on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Finally, Citigroup lifted their price objective on shares of Medtronic from $98.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Eleven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $98.19.

Medtronic Stock Performance

Medtronic stock opened at $89.31 on Friday. The company has a market cap of $114.54 billion, a PE ratio of 24.67, a P/E/G ratio of 2.34 and a beta of 0.80. The company has a fifty day moving average price of $87.76 and a two-hundred day moving average price of $87.82. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 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 the consensus estimate of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.46 earnings per share. Research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a $0.71 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic’s dividend payout ratio is presently 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.