Inlet Private Wealth LLC Sells 3,401 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Inlet Private Wealth LLC reduced its holdings in Medtronic PLC by 21.1%, selling 3,401 shares and owning 12,700 shares valued at approximately $1.14 million.
• Research analysts have mixed views on Medtronic, with eleven giving a "hold" rating, ten a "buy" rating, and a consensus price target of $98.19.
• Medtronic declared a quarterly dividend of $0.71 per share, representing a 3.06% yield and an increase from its prior dividend of $0.70.

Inlet Private Wealth LLC decreased its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 21.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,700 shares of the medical technology company's stock after selling 3,401 shares during the period. Inlet Private Wealth LLC's holdings in Medtronic were worth $1,141,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Dunhill Financial LLC lifted its position in Medtronic by 17.2% during the first quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock valued at $76,000 after acquiring an additional 124 shares during the last quarter. Cidel Asset Management Inc. lifted its position in Medtronic by 1.3% during the first quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock valued at $856,000 after acquiring an additional 126 shares during the last quarter. Petros Family Wealth LLC lifted its position in Medtronic by 4.3% during the first quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after acquiring an additional 127 shares during the last quarter. Faithward Advisors LLC lifted its position in Medtronic by 2.7% during the fourth quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock valued at $403,000 after acquiring an additional 134 shares during the last quarter. Finally, Motco lifted its position in Medtronic by 27.0% during the first quarter. Motco now owns 635 shares of the medical technology company's stock valued at $57,000 after acquiring an additional 135 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Robert W. Baird decreased 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. Leerink Partners assumed coverage on shares of Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. Mizuho raised their price target on shares of Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Finally, Citigroup raised their price target on shares of Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Eleven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Stock Up 0.6%

NYSE:MDT opened at $92.91 on Monday. The firm has a market capitalization of $119.16 billion, a P/E ratio of 25.66, a PEG ratio of 2.41 and a beta of 0.80. Medtronic PLC has a 1-year low of $78.32 and a 1-year high of $96.25. The company's fifty day moving average price is $87.04 and its 200-day moving average price is $87.60. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 13.90% and a return on equity of 14.54%. The business's quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 earnings per share. As a group, equities research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company 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. This represents a $2.84 annualized dividend and a yield of 3.06%. The ex-dividend date was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is currently 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.

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