First National Trust Co Has $4.20 Million Position in Medtronic PLC (NYSE:MDT)

Key Points

• First National Trust Co has reduced its stake in Medtronic PLC by 12.5%, owning 46,773 shares valued at $4.2 million after the sell-off.
• Medtronic reported a 3.9% increase in revenue year-over-year for the last quarter, with earnings per share of $1.62, surpassing estimates.
• The company has recently increased its quarterly dividend from $0.70 to $0.71 per share, translating to an annual yield of 3.07%.

First National Trust Co decreased its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 12.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,773 shares of the medical technology company's stock after selling 6,697 shares during the quarter. First National Trust Co's holdings in Medtronic were worth $4,203,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Eastern Bank lifted its stake in Medtronic by 1.7% in the 1st quarter. Eastern Bank now owns 21,525 shares of the medical technology company's stock worth $1,934,000 after purchasing an additional 369 shares in the last quarter. Brucke Financial Inc. increased its holdings in shares of Medtronic by 20.4% in the first quarter. Brucke Financial Inc. now owns 2,657 shares of the medical technology company's stock valued at $225,000 after purchasing an additional 450 shares during the last quarter. XTX Topco Ltd purchased a new position in Medtronic during the first quarter worth approximately $680,000. First Foundation Advisors boosted its stake in Medtronic by 91.8% during the first quarter. First Foundation Advisors now owns 16,409 shares of the medical technology company's stock worth $1,475,000 after buying an additional 7,855 shares during the last quarter. Finally, Banque Cantonale Vaudoise purchased a new stake in Medtronic in the 1st quarter valued at $3,609,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Trading Down 1.0%

Shares of MDT stock traded down $0.93 on Friday, hitting $89.31. The stock had a trading volume of 6,507,377 shares, compared to its average volume of 6,483,095. 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 has a fifty day moving average price of $87.59 and a two-hundred day moving average price of $87.80. The firm has a market cap of $114.54 billion, a P/E ratio of 24.67, a PEG ratio of 2.34 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.58 by $0.04. The firm had revenue of $8.93 billion for 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%. The company's revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.46 EPS. As a group, analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders 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 3.2%. Medtronic's payout ratio is 78.45%.

Analyst Upgrades and Downgrades

A number of research firms have commented on MDT. Truist Financial reduced their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Leerink Partners began coverage on shares of Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 price objective for the company. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Mizuho increased their target price on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Eleven investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Medtronic 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.