Atlantic Union Bankshares Corp Sells 4,594 Shares of Medtronic PLC (NYSE:MDT)

Atlantic Union Bankshares Corp lessened its stake in Medtronic PLC (NYSE:MDT - Free Report) by 29.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,769 shares of the medical technology company's stock after selling 4,594 shares during the quarter. Atlantic Union Bankshares Corp's holdings in Medtronic were worth $968,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of Medtronic by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock worth $9,921,367,000 after acquiring an additional 754,395 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of Medtronic by 1.8% during the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after buying an additional 571,700 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Medtronic by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock worth $2,155,085,000 after buying an additional 574,055 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Medtronic by 7.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after buying an additional 1,461,841 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Medtronic by 3.8% during the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock worth $1,858,332,000 after buying an additional 756,192 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Price Performance

Shares of MDT opened at $89.63 on Monday. The company has a 50 day moving average price of $86.41 and a 200-day moving average price of $87.23. Medtronic PLC has a fifty-two week low of $78.32 and a fifty-two week high of $96.25. The stock has a market capitalization of $114.95 billion, a PE ratio of 24.76, a PEG ratio of 2.33 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. During the same quarter in the prior year, the company earned $1.46 EPS. The company's revenue was up 3.9% compared to the same quarter last year. Equities analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a dividend of $0.71 per share. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.17%. Medtronic's dividend payout ratio is presently 78.45%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MDT. Truist Financial reduced their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Citigroup raised their price objective on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. BTIG Research restated a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $107.00 price target (up previously from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Eleven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $98.19.

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.

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