CGN Advisors LLC Has $2.58 Million Stock Holdings in Medtronic plc (NYSE:MDT)

CGN Advisors LLC trimmed its holdings in Medtronic plc (NYSE:MDT - Free Report) by 22.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 28,716 shares of the medical technology company's stock after selling 8,471 shares during the period. CGN Advisors LLC's holdings in Medtronic were worth $2,580,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in MDT. Norges Bank purchased a new stake in Medtronic in the fourth quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. purchased a new stake in shares of Medtronic during the 4th quarter valued at $852,732,000. Beutel Goodman & Co Ltd. acquired a new stake in shares of Medtronic during the 4th quarter worth $377,169,000. Van ECK Associates Corp increased its holdings in shares of Medtronic by 2,043.4% during the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock worth $207,540,000 after buying an additional 2,476,935 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Medtronic by 17.8% in the 4th 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. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MDT has been the topic of a number of research reports. Mizuho cut their target price on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. UBS Group upped their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Truist Financial reduced their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Finally, Royal Bank of Canada decreased their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Nine equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic has a consensus rating of "Moderate Buy" and an average price target of $97.00.

Medtronic Price Performance

Shares of NYSE MDT traded up $0.17 during midday trading on Wednesday, reaching $85.71. The company's stock had a trading volume of 9,070,646 shares, compared to its average volume of 6,845,407. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. The company has a market cap of $109.93 billion, a price-to-earnings ratio of 26.05, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The company has a 50 day moving average price of $84.04 and a 200 day moving average price of $86.16. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company's quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.46 EPS. On average, equities research analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.31%. The ex-dividend date is Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is presently 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.