Clearstead Trust LLC Cuts Stock Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• Clearstead Trust LLC reduced its holdings in Medtronic PLC by 47.1% in the first quarter, owning 10,506 shares worth approximately $944,000 after selling 9,350 shares.
• Medtronic reported a quarterly earnings per share of $1.62, exceeding analysts' expectations of $1.58, with revenue of $8.93 billion.
• The company increased its quarterly dividend to $0.71, representing a 3.2% yield, up from the previous dividend of $0.70.

Clearstead Trust LLC lowered its stake in Medtronic PLC (NYSE:MDT - Free Report) by 47.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,506 shares of the medical technology company's stock after selling 9,350 shares during the period. Clearstead Trust LLC's holdings in Medtronic were worth $944,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of MDT. Burkett Financial Services LLC increased its position in shares of Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares during the period. Wood Tarver Financial Group LLC bought a new position in shares of Medtronic in the fourth quarter worth $27,000. Columbia River Financial Group LLC acquired a new stake in Medtronic in the first quarter valued at about $28,000. Optiver Holding B.V. acquired a new stake in Medtronic in the fourth quarter valued at about $31,000. Finally, Hughes Financial Services LLC acquired a new stake in Medtronic in the first quarter valued at about $32,000. Institutional investors own 82.06% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. William Blair raised Medtronic to a "hold" rating in a research note on Friday, July 11th. Morgan Stanley reaffirmed an "overweight" rating and issued a $107.00 price objective (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Leerink Partners began coverage on Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective on the stock. Citigroup lifted their price target on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Finally, BTIG Research reissued a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Eleven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

Medtronic Stock Down 0.4%

Shares of NYSE MDT traded down $0.32 during midday trading on Wednesday, hitting $89.35. 5,458,065 shares of the stock traded hands, compared to its average volume of 6,868,726. The company has a market cap of $114.59 billion, a PE ratio of 24.68, a P/E/G ratio of 2.33 and a beta of 0.80. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. The business has a 50 day moving average price of $88.11 and a two-hundred day moving average price of $87.87. 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 released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.58 by $0.04. The firm 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 14.54% and a net margin of 13.90%. The company's quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.46 earnings per share. On average, equities analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business 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. The ex-dividend date of this dividend was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.2%. 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.