Exchange Traded Concepts LLC Trims Holdings in Medtronic plc (NYSE:MDT)

Exchange Traded Concepts LLC decreased its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 71.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 33,167 shares of the medical technology company's stock after selling 81,980 shares during the quarter. Exchange Traded Concepts LLC's holdings in Medtronic were worth $2,980,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Upgrades and Downgrades

MDT has been the subject of a number of research reports. Truist Financial reduced their target price 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. Royal Bank of Canada reduced their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. UBS Group lifted their price objective on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Finally, Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Nine research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $97.87.

Medtronic Trading Down 2.0%

NYSE:MDT traded down $1.73 during midday trading on Tuesday, hitting $86.19. 6,938,434 shares of the company traded hands, compared to its average volume of 7,722,231. The firm has a market capitalization of $110.54 billion, a P/E ratio of 26.20, a P/E/G ratio of 2.22 and a beta of 0.79. The firm's fifty day moving average is $84.33 and its 200-day moving average is $86.27. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business's revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.46 earnings per share. On average, sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is 78.45%.

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.