Gulf International Bank UK Ltd Reduces Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Medtronic PLC by 27.0%, now holding 74,475 shares worth approximately $6.69 million.
• Medtronic's most recent earnings reported an EPS of $1.62, surpassing expectations by $0.04, alongside a revenue of $8.93 billion for the quarter.
• The company announced a quarterly dividend increase from $0.70 to $0.71, resulting in an annualized dividend yield of 3.1%.

Gulf International Bank UK Ltd reduced its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 27.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,475 shares of the medical technology company's stock after selling 27,552 shares during the quarter. Gulf International Bank UK Ltd's holdings in Medtronic were worth $6,692,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Burkett Financial Services LLC grew its holdings in shares of 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 buying an additional 185 shares in the last quarter. Columbia River Financial Group LLC purchased a new stake in shares of Medtronic during the first quarter worth about $28,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic during the fourth quarter worth about $27,000. Hughes Financial Services LLC purchased a new stake in shares of Medtronic during the first quarter worth about $32,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic during the fourth quarter worth about $31,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Trading Down 0.7%

NYSE MDT opened at $92.09 on Wednesday. The company's fifty day simple moving average is $88.96 and its 200-day simple moving average is $87.97. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $96.25. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The stock has a market cap of $118.04 billion, a P/E ratio of 25.44, a PEG ratio of 2.41 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results 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 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 analysts' expectations of $8.81 billion. During the same period in the previous year, the company posted $1.46 earnings per share. The business's revenue for the quarter was up 3.9% compared to the same quarter last year. Equities research analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders 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 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 3.1%. Medtronic's dividend payout ratio is presently 78.45%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on MDT shares. Robert W. Baird lowered their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. BTIG Research reissued a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Citigroup raised their target price on shares of Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Evercore ISI raised their target price on shares of Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Twelve 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. Based on data from MarketBeat, the company 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.

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