Medtronic PLC $MDT Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp has slightly reduced its holdings in Medtronic PLC, now owning about 1.00% of the company worth approximately $1.15 billion.
• Medtronic has reported a quarterly EPS of $1.62, exceeding analyst expectations, with revenues of $8.93 billion and a net margin of 13.90%.
• The company declared a quarterly dividend of $0.71 per share, which will be paid on October 17th, yielding approximately 3.1%.

Northern Trust Corp reduced its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 0.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,835,117 shares of the medical technology company's stock after selling 12,068 shares during the quarter. Northern Trust Corp owned about 1.00% of Medtronic worth $1,153,364,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Commerce Bank boosted its position in Medtronic by 1.7% during the 1st quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock worth $13,118,000 after acquiring an additional 2,429 shares during the period. Brighton Jones LLC lifted its position in shares of Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after buying an additional 37,265 shares during the last quarter. Oxford Asset Management LLP boosted its stake in shares of Medtronic by 70.1% during the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock worth $594,000 after acquiring an additional 3,068 shares in the last quarter. New Vernon Investment Management LLC raised its stake 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 acquiring an additional 22,300 shares in the last quarter. Finally, Insight Inv LLC lifted its holdings in Medtronic by 84.2% in the 1st quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock worth $2,467,000 after purchasing an additional 12,550 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of NYSE MDT opened at $92.98 on Monday. 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 50 day moving average of $89.32 and a 200-day moving average of $87.96. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25. The company has a market capitalization of $119.18 billion, a P/E ratio of 25.69, a P/E/G ratio of 2.42 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion during 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%. Medtronic's quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.46 EPS. As a group, equities research analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio (DPR) is presently 78.45%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Thursday. Evercore ISI increased their price target 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. Morgan Stanley reiterated an "overweight" rating and set a $107.00 target price (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Leerink Partners began coverage on Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective on the stock. Finally, Citigroup upped their price objective on Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Twelve research 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 has an average rating of "Moderate Buy" and an average target price of $98.19.

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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