Medtronic PLC (NYSE:MDT) Shares Sold by King Luther Capital Management Corp

Key Points

• King Luther Capital Management Corp has reduced its stake in Medtronic PLC by 10.9%, now holding 33,564 shares valued at approximately $3 million.
• Medtronic recently reported quarterly earnings of $1.62 per share, exceeding analyst expectations, with a revenue increase of 3.9% year-over-year.
• The company has announced a quarterly dividend increase to $0.71 per share, reflecting a positive change in its dividend policy, with a yield of 3.1%.

King Luther Capital Management Corp lessened its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 10.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 33,564 shares of the medical technology company's stock after selling 4,106 shares during the period. King Luther Capital Management Corp's holdings in Medtronic were worth $3,016,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Burkett Financial Services LLC raised its holdings in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after buying an additional 185 shares during the period. Columbia River Financial Group LLC bought a new stake in shares of Medtronic during the first quarter worth $28,000. Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic during the fourth quarter worth $27,000. Hughes Financial Services LLC bought a new stake in shares of Medtronic during the first quarter worth $32,000. Finally, Optiver Holding B.V. bought a new position in shares of Medtronic during the 4th quarter worth $31,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of MDT stock traded up $0.81 during mid-day trading on Wednesday, reaching $92.89. The stock had a trading volume of 6,594,841 shares, compared to its average volume of 6,378,337. The business's fifty day moving average is $89.11 and its 200-day moving average is $88.00. 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 firm has a market cap of $119.07 billion, a price-to-earnings ratio of 25.66, a PEG ratio of 2.39 and a beta of 0.80. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced 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 analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company's revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.46 earnings per share. On average, research analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Leerink Partners assumed coverage on Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target on the stock. William Blair upgraded Medtronic to a "hold" rating in a research note on Friday, July 11th. Wall Street Zen cut Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Finally, Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Twelve investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $98.19.

Medtronic Company 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.