Corbyn Investment Management Inc. MD Sells 5,918 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Corbyn Investment Management Inc. MD decreased its stake in Medtronic PLC by 12.7%, selling 5,918 shares during the first quarter, leaving it with 40,595 shares valued at approximately $3,648,000.
• Medtronic reported earnings of $1.62 per share for the latest quarter, exceeding expectations and indicating a 3.9% increase in revenue year-over-year.
• The company recently raised its quarterly dividend to $0.71, resulting in an annualized yield of 3.2% and a dividend payout ratio of 78.45%.

Corbyn Investment Management Inc. MD cut its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 12.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,595 shares of the medical technology company's stock after selling 5,918 shares during the quarter. Medtronic accounts for about 1.4% of Corbyn Investment Management Inc. MD's investment portfolio, making the stock its 27th largest holding. Corbyn Investment Management Inc. MD's holdings in Medtronic were worth $3,648,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in MDT. Burgundy Asset Management Ltd. acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Medtronic in the 4th quarter valued at approximately $139,869,000. Mackenzie Financial Corp raised its stake in Medtronic by 220.9% during the 1st quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock valued at $216,753,000 after acquiring an additional 1,660,357 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Medtronic by 21.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,910,161 shares of the medical technology company's stock worth $711,744,000 after acquiring an additional 1,566,776 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Medtronic by 7.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after purchasing an additional 1,461,841 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Up 1.9%

Shares of MDT traded up $1.70 during mid-day trading on Friday, reaching $92.94. The company's stock had a trading volume of 6,636,861 shares, compared to its average volume of 6,924,519. The company has a market cap 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. The business has a fifty day moving average of $88.65 and a 200 day moving average of $87.93. 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 PLC has a 1 year low of $79.29 and a 1 year high of $96.25.

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, topping analysts' consensus estimates of $1.58 by $0.04. The firm 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 business's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period last year, the company posted $1.46 EPS. As a group, analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were paid a dividend of $0.71 per share. This is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. Medtronic's dividend payout ratio (DPR) is 78.45%.

Wall Street Analyst Weigh In

MDT has been the subject of several research analyst reports. William Blair raised shares of Medtronic to a "hold" rating in a report on Friday, July 11th. Evercore ISI increased their price objective on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Truist Financial dropped their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Royal Bank Of Canada cut their target price on 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 Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Eleven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

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.