Diversified Trust Co Sells 14,843 Shares of Medtronic PLC (NYSE:MDT)

Diversified Trust Co trimmed its position in Medtronic PLC (NYSE:MDT - Free Report) by 18.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,910 shares of the medical technology company's stock after selling 14,843 shares during the quarter. Diversified Trust Co's holdings in Medtronic were worth $5,743,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Norges Bank purchased a new stake in shares of Medtronic in the fourth quarter worth $1,163,580,000. Raymond James Financial Inc. bought a new position in Medtronic in the 4th quarter worth $852,732,000. Beutel Goodman & Co Ltd. purchased a new stake in Medtronic in the 4th quarter worth $377,169,000. Invesco Ltd. raised its holdings in Medtronic by 17.8% during the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after acquiring an additional 2,333,600 shares during the period. Finally, Burgundy Asset Management Ltd. purchased a new position in shares of Medtronic in the fourth quarter valued at about $174,329,000. Institutional investors own 82.06% of the company's stock.

Medtronic Trading Up 0.5%

Shares of MDT stock opened at $86.41 on Friday. The company has a market cap of $110.83 billion, a PE ratio of 23.87, a price-to-earnings-growth ratio of 2.32 and a beta of 0.79. Medtronic PLC has a 1 year low of $75.96 and a 1 year high of $96.25. The stock's 50 day simple moving average is $84.74 and its two-hundred day simple moving average is $86.31. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the previous year, the company posted $1.46 EPS. The company's revenue for the quarter was up 3.9% compared to the same quarter last year. Research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.29%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is currently 77.35%.

Wall Street Analysts Forecast Growth

MDT has been the subject of several research analyst reports. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Truist Financial cut their price objective on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Robert W. Baird lowered their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Finally, Leerink Partners assumed coverage on shares of Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $97.87.

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.

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