CenterBook Partners LP cut its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 18.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,250 shares of the medical technology company's stock after selling 3,094 shares during the quarter. CenterBook Partners LP's holdings in Medtronic were worth $1,191,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in Medtronic during the 4th quarter worth $1,163,580,000. Beutel Goodman & Co Ltd. acquired a new stake in Medtronic during the 4th quarter worth $377,169,000. Invesco Ltd. boosted its stake in shares of Medtronic by 17.8% during the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after buying an additional 2,333,600 shares during the period. Burgundy Asset Management Ltd. acquired a new stake in shares of Medtronic during the fourth quarter worth about $174,329,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Medtronic during the fourth quarter worth about $139,869,000. 82.06% of the stock is owned by institutional investors and hedge funds.
Medtronic Trading Down 0.2%
Medtronic stock traded down $0.17 during trading on Thursday, hitting $89.61. The company's stock had a trading volume of 6,951,657 shares, compared to its average volume of 7,033,245. The stock has a market capitalization of $114.93 billion, a price-to-earnings ratio of 24.75, a P/E/G 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. The stock's fifty day moving average is $86.16 and its 200 day moving average is $86.99. Medtronic PLC has a 1-year low of $78.32 and a 1-year high of $96.25.
Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm's revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 earnings per share. As a group, equities research analysts predict that Medtronic PLC will post 5.46 EPS for the current year.
Medtronic Increases Dividend
The company also recently declared 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 3.17%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date was Friday, June 27th. Medtronic's dividend payout ratio (DPR) is presently 78.45%.
Analyst Ratings Changes
A number of analysts have weighed in on the company. William Blair raised Medtronic to a "hold" rating in a research report on Friday, July 11th. Citigroup raised their target price on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Truist Financial reduced their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Royal Bank Of Canada reduced their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Finally, Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Eleven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $98.19.
Check Out Our Latest Stock Report on Medtronic
About Medtronic
(
Free Report)
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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