Medtronic PLC (NYSE:MDT) Shares Sold by Baillie Gifford & Co.

Key Points

• Baillie Gifford & Co. reduced its holdings in Medtronic PLC by 2.4% during the first quarter, resulting in ownership of 505,128 shares worth approximately $45.4 million.
• Several other institutional investors increased their stakes in Medtronic, with Equitable Trust Co. leading the way by growing its position by 20.7%.
• Medtronic recently increased its quarterly dividend to $0.71 per share, representing a dividend yield of 3.06% and an annualized payout of $2.84.

Baillie Gifford & Co. lowered its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 2.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 505,128 shares of the medical technology company's stock after selling 12,252 shares during the period. Baillie Gifford & Co.'s holdings in Medtronic were worth $45,391,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Equitable Trust Co. increased its position in shares of Medtronic by 20.7% during the first quarter. Equitable Trust Co. now owns 47,864 shares of the medical technology company's stock worth $4,301,000 after buying an additional 8,219 shares during the period. Caliber Wealth Management LLC KS bought a new position in Medtronic during the first quarter worth $2,989,000. Wilkins Investment Counsel Inc. boosted its stake in Medtronic by 1.5% during the first quarter. Wilkins Investment Counsel Inc. now owns 205,722 shares of the medical technology company's stock worth $18,486,000 after acquiring an additional 3,049 shares in the last quarter. Assetmark Inc. boosted its stake in Medtronic by 11.2% during the first quarter. Assetmark Inc. now owns 319,454 shares of the medical technology company's stock worth $28,706,000 after acquiring an additional 32,193 shares in the last quarter. Finally, Nicholas Wealth LLC. boosted its stake in Medtronic by 5.5% during the first quarter. Nicholas Wealth LLC. now owns 12,775 shares of the medical technology company's stock worth $1,148,000 after acquiring an additional 664 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

NYSE MDT traded down $0.22 on Wednesday, reaching $92.23. 1,735,949 shares of the stock were exchanged, compared to its average volume of 7,670,998. 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 one year low of $78.96 and a one year high of $96.25. The company's 50-day simple moving average is $87.26 and its two-hundred day simple moving average is $87.71. The firm has a market capitalization of $118.28 billion, a PE ratio of 25.46, a PEG ratio of 2.39 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the previous year, the company posted $1.46 earnings per share. The firm's quarterly revenue was up 3.9% on a year-over-year basis. Analysts expect that Medtronic PLC will post 5.46 EPS 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 issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.08%. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date was Friday, June 27th. Medtronic's dividend payout ratio (DPR) is 78.45%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MDT shares. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Morgan Stanley restated an "overweight" rating and set a $107.00 price objective (up previously from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. William Blair upgraded shares of Medtronic to a "hold" rating in a report on Friday, July 11th. Finally, Citigroup lifted their price objective on shares of Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Eleven investment 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's stock. According to MarketBeat.com, Medtronic presently has an average rating of "Moderate Buy" and a consensus target price of $98.19.

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.