Blair William & Co. IL Sells 12,295 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Blair William & Co. IL reduced its stake in Medtronic PLC by 13.0% during the 1st quarter, now holding 82,237 shares valued at approximately $7.39 million.
• Several institutional investors have increased their positions in Medtronic, with Dunhill Financial LLC leading the way with a 17.2% boost.
• Medtronic's recent dividend was raised to $0.71 per share, indicating a yield of 3.2% on an annualized basis.

Blair William & Co. IL lowered its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 13.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,237 shares of the medical technology company's stock after selling 12,295 shares during the quarter. Blair William & Co. IL's holdings in Medtronic were worth $7,390,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Burkett Financial Services LLC lifted its position in shares of Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after acquiring an additional 185 shares during the period. Columbia River Financial Group LLC bought a new stake in shares of Medtronic during the 1st quarter valued at $28,000. Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic during the 4th quarter valued at $27,000. Hughes Financial Services LLC bought a new stake in shares of Medtronic during the 1st quarter valued at $32,000. Finally, Optiver Holding B.V. bought a new stake in shares of Medtronic during the 4th quarter valued at $31,000. Institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MDT. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Mizuho upped their target price on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Evercore ISI boosted their price target on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Robert W. Baird reduced their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Finally, Truist Financial lowered their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Eleven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

Medtronic Price Performance

MDT traded up $1.70 on Friday, reaching $92.94. The stock had a trading volume of 6,636,861 shares, compared to its average volume of 6,924,519. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The firm has a 50-day moving average of $88.45 and a 200-day moving average of $87.90. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $119.13 billion, a price-to-earnings ratio of 25.67, a price-to-earnings-growth ratio of 2.37 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business 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 firm earned $1.46 EPS. The business's revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Medtronic PLC will post 5.46 EPS for the current 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 paid a dividend of $0.71 per share. 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 yield of 3.1%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's payout ratio is 78.45%.

Medtronic Company 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.