Medtronic PLC (MDT) Position Trimmed by Northpointe Capital LLC

Northpointe Capital LLC reduced its position in Medtronic PLC (NYSE:MDT) by 21.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,874 shares of the medical technology company’s stock after selling 6,266 shares during the period. Northpointe Capital LLC’s holdings in Medtronic were worth $2,083,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Tributary Capital Management LLC purchased a new stake in Medtronic during the 4th quarter valued at $27,000. Cordasco Financial Network purchased a new stake in Medtronic during the 1st quarter valued at $27,000. Pin Oak Investment Advisors Inc. raised its stake in Medtronic by 158.0% during the 4th quarter. Pin Oak Investment Advisors Inc. now owns 369 shares of the medical technology company’s stock valued at $34,000 after buying an additional 226 shares during the last quarter. Spectrum Management Group Inc. raised its stake in Medtronic by 353.8% during the 1st quarter. Spectrum Management Group Inc. now owns 413 shares of the medical technology company’s stock valued at $38,000 after buying an additional 322 shares during the last quarter. Finally, Highwater Wealth Management LLC purchased a new stake in Medtronic during the 4th quarter valued at $39,000. Institutional investors own 81.50% of the company’s stock.

Shares of MDT stock opened at $84.22 on Friday. Medtronic PLC has a 1 year low of $78.29 and a 1 year high of $100.15. The company has a quick ratio of 1.92, a current ratio of 2.36 and a debt-to-equity ratio of 0.47. The firm has a market cap of $112.95 billion, a PE ratio of 17.66, a price-to-earnings-growth ratio of 2.21 and a beta of 0.81.

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

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s payout ratio is 41.93%.

A number of equities research analysts have weighed in on the stock. Northland Securities reiterated a “hold” rating and set a $84.00 target price on shares of Medtronic in a research note on Monday, March 18th. Barclays reiterated a “buy” rating and set a $104.00 target price on shares of Medtronic in a research note on Wednesday, February 20th. Wells Fargo & Co decreased their target price on shares of Medtronic from $101.00 to $100.00 and set a “market perform” rating for the company in a research note on Thursday, April 4th. Citigroup boosted their target price on shares of Medtronic from $95.00 to $101.00 and gave the company a “neutral” rating in a research note on Monday, February 25th. Finally, Oppenheimer set a $104.00 target price on shares of Medtronic and gave the company a “buy” rating in a research note on Wednesday, February 20th. Ten research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $103.39.

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Medtronic Profile

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.

Further Reading: Market Capitalization – What it Means for Investors

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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