Cascade Investment Advisors Inc. Decreases Stake in Medtronic PLC (MDT)

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Cascade Investment Advisors Inc. decreased its position in Medtronic PLC (NYSE:MDT) by 1.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,490 shares of the medical technology company’s stock after selling 155 shares during the quarter. Cascade Investment Advisors Inc.’s holdings in Medtronic were worth $1,138,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in Medtronic by 89,912.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 17,012,355 shares of the medical technology company’s stock valued at $1,673,505,000 after acquiring an additional 16,993,455 shares in the last quarter. Mutual Advisors LLC bought a new stake in Medtronic during the 3rd quarter valued at $276,000. Brown Brothers Harriman & Co. raised its stake in Medtronic by 12.5% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 30,151 shares of the medical technology company’s stock valued at $2,966,000 after acquiring an additional 3,359 shares in the last quarter. AQR Capital Management LLC raised its stake in Medtronic by 45.6% during the 3rd quarter. AQR Capital Management LLC now owns 1,763,404 shares of the medical technology company’s stock valued at $173,466,000 after acquiring an additional 552,207 shares in the last quarter. Finally, Resources Management Corp CT ADV bought a new stake in Medtronic during the 3rd quarter valued at $567,000. Institutional investors own 81.50% of the company’s stock.

MDT opened at $86.15 on Wednesday. Medtronic PLC has a one year low of $78.29 and a one year high of $100.15. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.92 and a current ratio of 2.36. The firm has a market capitalization of $115.64 billion, a PE ratio of 18.06, a PEG ratio of 2.25 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 19th. The medical technology company reported $1.29 EPS for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.05. The company had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.53 billion. Medtronic had a return on equity of 13.85% and a net margin of 16.10%. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.17 EPS. On average, research analysts forecast that Medtronic PLC will post 5.15 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date was Thursday, March 21st. Medtronic’s payout ratio is 41.93%.

Several analysts have weighed in on the company. Citigroup lifted their target price on Medtronic from $95.00 to $101.00 and gave the company a “neutral” rating in a research note on Monday, February 25th. Barclays reaffirmed a “buy” rating and set a $104.00 target price on shares of Medtronic in a research note on Wednesday, February 20th. Northland Securities reaffirmed a “hold” rating and set a $84.00 target price on shares of Medtronic in a research note on Monday, March 18th. Oppenheimer set a $104.00 target price on Medtronic and gave the company a “buy” rating in a research note on Wednesday, February 20th. Finally, Needham & Company LLC reaffirmed a “strong-buy” rating and set a $117.00 target price (down previously from $120.00) on shares of Medtronic in a research note on Monday, February 4th. Ten research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Medtronic presently has a consensus rating of “Buy” and a consensus price target of $103.39.

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About Medtronic

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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