Medtronic PLC (NYSE:MDT) Shares Sold by Cypress Capital Group

Key Points

• Cypress Capital Group reduced its stake in Medtronic by 43.1%, selling 2,966 shares during the first quarter, leaving them with 3,908 shares valued at $351,000.
• Analysts have mixed views, with Morgan Stanley lifting its price target to $107.00 while Robert W. Baird lowered theirs to $92.00, leading to a current consensus rating of "Moderate Buy."
• Medtronic recently increased its quarterly dividend to $0.71 per share, reflecting an annualized yield of 3.1%, with a payout ratio of 78.45%.

Cypress Capital Group reduced its stake in Medtronic PLC (NYSE:MDT - Free Report) by 43.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,908 shares of the medical technology company's stock after selling 2,966 shares during the period. Cypress Capital Group's holdings in Medtronic were worth $351,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of MDT. Burkett Financial Services LLC lifted its stake in Medtronic by 185.0% during the first 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 in the last quarter. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic in the 4th quarter valued at $27,000. Columbia River Financial Group LLC acquired a new position in Medtronic during the 1st quarter worth about $28,000. Optiver Holding B.V. purchased a new position in Medtronic during the 4th quarter valued at about $31,000. Finally, Hughes Financial Services LLC purchased a new position in Medtronic during the 1st quarter valued at about $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Morgan Stanley reissued an "overweight" rating and set a $107.00 price target (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Robert W. Baird cut their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Leerink Partners assumed coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. Citigroup upped their price objective on Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Finally, Wall Street Zen cut Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday. Twelve research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $98.19.

Medtronic Stock Down 0.1%

MDT stock opened at $92.80 on Tuesday. The stock has a market cap of $118.95 billion, a P/E ratio of 25.63, a PEG ratio of 2.41 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $96.25. The company's 50 day moving average is $88.83 and its two-hundred day moving average is $87.94.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating 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 firm had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period last year, the firm posted $1.46 EPS. The company's revenue was up 3.9% on a year-over-year basis. Research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a $0.71 dividend. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. Medtronic's payout ratio 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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