Medtronic plc (NYSE:MDT) Shares Sold by Centre Asset Management LLC

Centre Asset Management LLC cut its stake in Medtronic plc (NYSE:MDT - Free Report) by 6.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 123,520 shares of the medical technology company's stock after selling 8,736 shares during the quarter. Medtronic makes up 2.9% of Centre Asset Management LLC's portfolio, making the stock its 7th biggest holding. Centre Asset Management LLC's holdings in Medtronic were worth $11,100,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Empowered Funds LLC increased its position in Medtronic by 2.7% during the fourth quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company's stock worth $8,453,000 after buying an additional 2,778 shares during the last quarter. Caprock Group LLC increased its position in Medtronic by 12.6% during the fourth quarter. Caprock Group LLC now owns 47,767 shares of the medical technology company's stock worth $3,849,000 after buying an additional 5,363 shares during the last quarter. Synergy Asset Management LLC increased its position in Medtronic by 107.1% during the fourth quarter. Synergy Asset Management LLC now owns 227,802 shares of the medical technology company's stock worth $19,353,000 after buying an additional 117,809 shares during the last quarter. Equitable Trust Co. increased its position in Medtronic by 91.7% during the fourth quarter. Equitable Trust Co. now owns 39,645 shares of the medical technology company's stock worth $3,167,000 after buying an additional 18,968 shares during the last quarter. Finally, Brentview Investment Management LLC acquired a new position in Medtronic during the fourth quarter worth $3,056,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of NYSE MDT traded up $0.62 during mid-day trading on Friday, hitting $83.03. The company had a trading volume of 11,022,726 shares, compared to its average volume of 6,827,209. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The business's 50-day simple moving average is $84.19 and its 200-day simple moving average is $86.20. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The firm has a market cap of $106.49 billion, a P/E ratio of 25.24, a PEG ratio of 2.22 and a beta of 0.81.

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, beating the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. During the same quarter last year, the company earned $1.46 earnings per share. The firm's revenue was up 3.9% on a year-over-year basis. As a group, analysts predict 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. Stockholders of record on Friday, June 27th will be issued a $0.71 dividend. The ex-dividend date 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 dividend yield of 3.42%. Medtronic's dividend payout ratio is presently 78.45%.

Wall Street Analysts Forecast Growth

MDT has been the topic of several analyst reports. Wall Street Zen downgraded shares of Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. UBS Group upped their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. 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. Truist Financial decreased their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Finally, Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Monday, May 19th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $97.00.

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.