Medtronic PLC (NYSE:MDT) Shares Sold by Entropy Technologies LP

Key Points

• Entropy Technologies LP reduced its holdings in Medtronic PLC by 91.9%, selling 58,382 shares during the first quarter and ending with 5,118 shares valued at approximately $460,000.
• Medtronic recently declared an increased quarterly dividend of $0.71 per share, up from $0.70, with a current dividend yield of 3.1%.
• In its latest earnings report, Medtronic posted a quarterly revenue of $8.93 billion, exceeding estimates, along with an EPS of $1.62, surpassing analysts’ expectations by $0.04.

Entropy Technologies LP lowered its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 91.9% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,118 shares of the medical technology company's stock after selling 58,382 shares during the period. Entropy Technologies LP's holdings in Medtronic were worth $460,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MDT. Burkett Financial Services LLC grew its holdings in shares of Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares in the last quarter. Wood Tarver Financial Group LLC acquired a new position in Medtronic during the 4th quarter worth approximately $27,000. Columbia River Financial Group LLC acquired a new position in Medtronic during the 1st quarter worth approximately $28,000. Optiver Holding B.V. acquired a new position in Medtronic during the 4th quarter worth approximately $31,000. Finally, Hughes Financial Services LLC acquired a new position in Medtronic during the 1st quarter worth approximately $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Up 0.9%

MDT stock opened at $92.89 on Thursday. The company has a fifty day moving average price of $89.11 and a 200 day moving average price of $88.00. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25. The company has a market cap of $119.07 billion, a price-to-earnings ratio of 25.66, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 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 the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.46 EPS. Sell-side analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a dividend of $0.71 per share. 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 dividend payout ratio is currently 78.45%.

Wall Street Analysts Forecast Growth

MDT has been the subject of several analyst reports. Citigroup boosted their price target on shares of Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Evercore ISI boosted their price target on shares of Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Finally, Royal Bank Of Canada lowered their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Twelve analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

About Medtronic

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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