Medtronic PLC (NYSE:MDT) Shares Sold by Coho Partners Ltd.

Coho Partners Ltd. decreased its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 27.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 612,594 shares of the medical technology company's stock after selling 237,476 shares during the quarter. Medtronic comprises 3.3% of Coho Partners Ltd.'s holdings, making the stock its 18th largest holding. Coho Partners Ltd.'s holdings in Medtronic were worth $55,048,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TCTC Holdings LLC raised its stake in shares of Medtronic by 3.4% in the 4th quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company's stock valued at $3,173,000 after acquiring an additional 1,301 shares during the period. Brighton Jones LLC boosted its stake in shares of Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after buying an additional 37,265 shares during the period. Oxford Asset Management LLP grew its holdings in Medtronic by 70.1% during the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock worth $594,000 after acquiring an additional 3,068 shares in the last quarter. New Vernon Investment Management LLC grew its stake in shares of Medtronic by 304.9% during the fourth quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock worth $2,425,000 after purchasing an additional 22,300 shares in the last quarter. Finally, Advisor OS LLC increased its holdings in shares of Medtronic by 152.0% in the 4th quarter. Advisor OS LLC now owns 11,800 shares of the medical technology company's stock valued at $943,000 after acquiring an additional 7,118 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MDT shares. Leerink Partners started coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Truist Financial lowered their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Royal Bank Of Canada reduced their price target 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. Finally, Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.87.

Medtronic Price Performance

Shares of NYSE MDT traded down $0.03 during midday trading on Wednesday, hitting $86.05. The company had a trading volume of 8,461,675 shares, compared to its average volume of 6,942,421. The firm has a market capitalization of $110.36 billion, a price-to-earnings ratio of 23.77, a price-to-earnings-growth ratio of 2.32 and a beta of 0.79. Medtronic PLC has a twelve month low of $75.96 and a twelve month high of $96.25. The business has a 50-day simple moving average of $84.60 and a two-hundred day simple moving average of $86.29. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (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 net margin of 13.90% and a return on equity of 14.54%. The company's revenue for the quarter was up 3.9% on a year-over-year basis. During the same period last year, the firm earned $1.46 EPS. Equities research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.30%. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio is presently 77.35%.

Medtronic 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.