Medtronic PLC (NYSE:MDT) Stock Holdings Lifted by First American Trust FSB

Key Points

• First American Trust FSB increased its stake in Medtronic PLC by 54.6% in the first quarter, owning 98,847 shares worth $8.88 million after acquiring an additional 34,921 shares.
• Medtronic recently reported earnings of $1.62 per share for the last quarter, surpassing estimates and reflecting a 3.9% year-over-year revenue growth to $8.93 billion.
• The company has announced a quarterly dividend of $0.71, representing an annualized amount of $2.84, with a dividend yield of 3.1% and a payout ratio of 78.45%.

First American Trust FSB boosted its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 54.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 98,847 shares of the medical technology company's stock after purchasing an additional 34,921 shares during the quarter. First American Trust FSB's holdings in Medtronic were worth $8,882,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Nuveen LLC acquired a new position in Medtronic during the 1st quarter worth $260,649,000. Burgundy Asset Management Ltd. acquired a new position in Medtronic during the 4th quarter worth $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Medtronic during the 4th quarter worth $139,869,000. Mackenzie Financial Corp boosted its position 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 worth $216,753,000 after acquiring an additional 1,660,357 shares during the period. Finally, 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. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Evercore ISI boosted their price target on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Morgan Stanley reiterated an "overweight" rating and set a $107.00 price target (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Royal Bank Of Canada cut their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Finally, Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Twelve analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Stock Down 0.7%

NYSE:MDT traded down $0.65 during trading hours on Tuesday, hitting $92.09. 5,203,733 shares of the company's stock traded hands, compared to its average volume of 6,536,949. The firm has a market cap of $118.04 billion, a P/E ratio of 25.44, a P/E/G ratio of 2.41 and a beta of 0.80. Medtronic PLC has a twelve month low of $79.29 and a twelve 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 stock's fifty day moving average price is $88.96 and its two-hundred day moving average price is $87.97.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly 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. The firm had revenue of $8.93 billion for 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%. Medtronic's quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.46 earnings per share. On average, research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.1%. Medtronic's payout ratio is presently 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.