Dearborn Partners LLC Sells 13,177 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Dearborn Partners LLC reduced its stake in Medtronic PLC by 18.3%, now owning 58,850 shares valued at approximately $5.29 million.
• Medtronic reported a quarterly earnings per share (EPS) of $1.62, exceeding analysts' expectations, with revenue increasing 3.9% year-over-year to $8.93 billion.
• The company recently increased its quarterly dividend to $0.71 per share, representing a 3.07% yield, up from the previous dividend of $0.70.

Dearborn Partners LLC reduced its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 18.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 58,850 shares of the medical technology company's stock after selling 13,177 shares during the period. Dearborn Partners LLC's holdings in Medtronic were worth $5,288,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in MDT. Burkett Financial Services LLC lifted its position in shares of Medtronic by 185.0% in the 1st 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 stake in Medtronic during the fourth quarter valued at $27,000. Columbia River Financial Group LLC acquired a new stake in Medtronic during the 1st quarter worth about $28,000. Optiver Holding B.V. bought a new position in shares of Medtronic in the 4th quarter worth about $31,000. Finally, Hughes Financial Services LLC acquired a new position in shares of Medtronic in the 1st quarter valued at about $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Performance

NYSE MDT traded down $0.93 on Friday, hitting $89.31. 6,507,377 shares of the stock traded hands, compared to its average volume of 6,483,095. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25. 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 business's fifty day moving average is $87.59 and its two-hundred day moving average is $87.80. The firm has a market capitalization of $114.54 billion, a price-to-earnings ratio of 24.67, a PEG ratio of 2.34 and a beta of 0.80.

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. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the prior year, the firm earned $1.46 earnings per share. The company's revenue was up 3.9% compared to the same quarter last year. As a group, equities analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a $0.71 dividend. The ex-dividend date of this dividend was Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.2%. Medtronic's dividend payout ratio is 78.45%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MDT shares. Leerink Partners assumed coverage on Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price for the company. Citigroup lifted their price objective on shares of Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a report on Monday, June 16th. BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Finally, Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Eleven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average 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.