Primecap Management Co. CA Lowers Stock Holdings in Medtronic plc (NYSE:MDT)

Primecap Management Co. CA cut its holdings in shares of Medtronic plc (NYSE:MDT) by 0.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 870,325 shares of the medical technology company’s stock after selling 6,850 shares during the period. Primecap Management Co. CA owned about 0.07% of Medtronic worth $68,503,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. LifeSteps Financial Inc. acquired a new stake in Medtronic during the 1st quarter worth approximately $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic during the second quarter worth $28,000. Tributary Capital Management LLC acquired a new stake in shares of Medtronic in the first quarter valued at $33,000. Fortis Group Advisors LLC boosted its holdings in Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares during the period. Finally, Riverview Trust Co acquired a new position in Medtronic during the 1st quarter worth $39,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MDT. The Goldman Sachs Group began coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective for the company. Robert W. Baird boosted their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, Oppenheimer raised their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $92.92.

Medtronic Trading Down 1.6 %

MDT opened at $88.63 on Wednesday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The business’s 50 day moving average is $84.10 and its two-hundred day moving average is $82.87. The firm has a market cap of $113.65 billion, a price-to-earnings ratio of 32.23, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.20 EPS. On average, research analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.16%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Medtronic 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.