Financiere des Professionnels Fonds d investissement inc. Has $12 Million Stock Position in Medtronic PLC (NYSE:MDT)

Financiere des Professionnels Fonds d investissement inc. decreased its stake in Medtronic PLC (NYSE:MDT) by 4.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 133,499 shares of the medical technology company’s stock after selling 5,543 shares during the quarter. Medtronic accounts for about 0.8% of Financiere des Professionnels Fonds d investissement inc.’s investment portfolio, making the stock its 27th largest holding. Financiere des Professionnels Fonds d investissement inc.’s holdings in Medtronic were worth $11,996,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC boosted its position in Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock worth $3,194,000 after acquiring an additional 37,265 shares during the period. Proficio Capital Partners LLC acquired a new stake in Medtronic during the 4th quarter worth about $13,132,000. Vestmark Advisory Solutions Inc. boosted its position in Medtronic by 33.1% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 4,408 shares of the medical technology company’s stock worth $352,000 after acquiring an additional 1,095 shares during the period. E Fund Management Co. Ltd. boosted its position in Medtronic by 81.5% during the 4th quarter. E Fund Management Co. Ltd. now owns 7,132 shares of the medical technology company’s stock worth $570,000 after acquiring an additional 3,202 shares during the period. Finally, Callan Family Office LLC raised its stake in shares of Medtronic by 348.0% during the 4th quarter. Callan Family Office LLC now owns 16,678 shares of the medical technology company’s stock worth $1,332,000 after purchasing an additional 12,955 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MDT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Mizuho cut their price target on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Royal Bank Of Canada cut their price target on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Leerink Partnrs raised Medtronic to a “strong-buy” rating in a research note on Monday, June 16th. Finally, Wall Street Zen raised Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. Nine research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $97.87.

Medtronic Stock Performance

MDT opened at $88.50 on Friday. The stock has a market cap of $113.50 billion, a PE ratio of 24.45, a P/E/G ratio of 2.39 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 1 year low of $75.96 and a 1 year high of $96.25. The stock’s 50 day simple moving average is $85.30 and its 200-day simple moving average is $86.58.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to analysts’ expectations of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. Medtronic’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.46 earnings per share. Sell-side analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. 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 dividend yield of 3.21%. Medtronic’s payout ratio is currently 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.