Hemenway Trust Co LLC Reduces Position in Medtronic PLC (NYSE:MDT)

Hemenway Trust Co LLC cut its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 92.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,009 shares of the medical technology company's stock after selling 36,917 shares during the quarter. Hemenway Trust Co LLC's holdings in Medtronic were worth $270,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. TCTC Holdings LLC raised its position in Medtronic by 3.4% in the 4th 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 holdings in shares of Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after buying an additional 37,265 shares during the period. Oxford Asset Management LLP grew its holdings in shares of Medtronic by 70.1% in the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock valued at $594,000 after buying an additional 3,068 shares during the period. New Vernon Investment Management LLC grew its holdings in shares of Medtronic by 304.9% in 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 period. Finally, Advisor OS LLC boosted its stake in Medtronic by 152.0% in the 4th quarter. Advisor OS LLC now owns 11,800 shares of the medical technology company's stock worth $943,000 after purchasing an additional 7,118 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of Medtronic stock traded down $0.49 on Thursday, hitting $85.68. 8,514,360 shares of the company traded hands, compared to its average volume of 6,904,198. The stock has a market capitalization of $109.88 billion, a P/E ratio of 23.67, a price-to-earnings-growth ratio of 2.31 and a beta of 0.79. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. Medtronic PLC has a 52 week low of $75.96 and a 52 week high of $96.25. The business has a 50-day simple moving average of $84.35 and a 200 day simple moving average of $86.26.

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 13.90% and a return on equity of 14.54%. 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. Research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors 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 is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.31%. Medtronic's dividend payout ratio (DPR) is 77.35%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MDT shares. UBS Group increased their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Wall Street Zen lowered shares of Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Robert W. Baird dropped their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Finally, Truist Financial lowered their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Nine investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Medtronic currently has an average rating of "Moderate Buy" and an average price target 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.