Fayez Sarofim & Co Sells 4,000 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Fayez Sarofim & Co reduced its stake in Medtronic PLC by 12.5%, owning 28,095 shares valued at $2.525 million after selling 4,000 shares in the 1st quarter.
• Medtronic's quarterly earnings per share (EPS) of $1.62 exceeded analysts' expectations, with revenue reaching $8.93 billion, up 3.9% from the previous year.
• The company recently announced an increase in its quarterly dividend from $0.70 to $0.71, representing a 3.1% yield with a payout ratio of 78.45%.

Fayez Sarofim & Co lowered its stake in Medtronic PLC (NYSE:MDT - Free Report) by 12.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 28,095 shares of the medical technology company's stock after selling 4,000 shares during the quarter. Fayez Sarofim & Co's holdings in Medtronic were worth $2,525,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Burkett Financial Services LLC increased its stake in Medtronic by 185.0% during the first 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 acquired a new position in Medtronic in the fourth quarter valued at approximately $27,000. Columbia River Financial Group LLC acquired a new position in Medtronic in the first quarter valued at approximately $28,000. Optiver Holding B.V. acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $31,000. Finally, Hughes Financial Services LLC acquired a new stake in shares of Medtronic in the first quarter valued at approximately $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Down 1.2%

Shares of Medtronic stock traded down $1.11 on Tuesday, reaching $91.63. 2,007,907 shares of the company were exchanged, compared to its average volume of 7,621,769. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. The company has a market capitalization of $117.45 billion, a price-to-earnings ratio of 25.30, a PEG ratio of 2.41 and a beta of 0.80. The company has a 50-day moving average of $88.83 and a 200 day moving average of $87.94. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT - Get Free Report) last posted 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. 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 analyst estimates of $8.81 billion. During the same quarter last year, the company earned $1.46 EPS. The company's revenue was up 3.9% on a year-over-year basis. On average, equities research analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a $0.71 dividend. The ex-dividend date 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 yield of 3.1%. Medtronic's dividend payout ratio is presently 78.45%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MDT. Morgan Stanley reaffirmed an "overweight" rating and set a $107.00 price target (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Royal Bank Of Canada lowered their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Finally, Robert W. Baird decreased their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Twelve research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $98.19.

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.