Medtronic PLC (NYSE:MDT) Shares Purchased by Equitable Trust Co.

Key Points

• Equitable Trust Co. increased its stake in Medtronic PLC by 20.7% during the 1st quarter, now holding 47,864 shares valued at $4.3 million.
• Medtronic reported a quarterly earnings of $1.62 per share, surpassing analysts' expectations, and bore a revenue of $8.93 billion, reflecting a year-over-year growth of 3.9%.
• The company recently announced a quarterly dividend of $0.71, up from the previous $0.70, resulting in an annual yield of 3.08%.

Equitable Trust Co. lifted its position in Medtronic PLC (NYSE:MDT - Free Report) by 20.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,864 shares of the medical technology company's stock after acquiring an additional 8,219 shares during the period. Equitable Trust Co.'s holdings in Medtronic were worth $4,301,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Burkett Financial Services LLC grew its position in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares during the period. Columbia River Financial Group LLC acquired a new stake in Medtronic during the 1st quarter worth about $28,000. Wood Tarver Financial Group LLC acquired a new stake in Medtronic during the 4th quarter worth about $27,000. Hughes Financial Services LLC acquired a new stake in Medtronic during the 1st quarter worth about $32,000. Finally, Optiver Holding B.V. acquired a new stake in Medtronic during the 4th quarter worth about $31,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Up 0.4%

MDT opened at $92.35 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The company's 50 day simple moving average is $86.91 and its two-hundred day simple moving average is $87.44. Medtronic PLC has a 1-year low of $78.32 and a 1-year high of $96.25. The firm has a market capitalization of $118.45 billion, a price-to-earnings ratio of 25.51, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results 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. 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 analyst estimates of $8.81 billion. During the same period last year, the company posted $1.46 EPS. The business's revenue was up 3.9% on a year-over-year basis. Analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.08%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's dividend payout ratio (DPR) is 78.45%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MDT. William Blair raised Medtronic to a "hold" rating in a research report on Friday, July 11th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Citigroup raised their target price on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. BTIG Research restated a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Finally, Royal Bank Of Canada dropped their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Eleven 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 currently 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.

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.