Medtronic PLC (NYSE:MDT) Shares Sold by GSA Capital Partners LLP

Key Points

• GSA Capital Partners LLP significantly reduced its stake in Medtronic PLC by 78.5%, selling 42,756 shares, leaving them with 11,676 shares valued at approximately $1,049,000.
• Medtronic reported a 3.9% year-over-year revenue increase in the latest quarter, with earnings per share of $1.62, exceeding estimates by $0.04.
• The company recently increased its quarterly dividend to $0.71 per share, representing an annualized dividend of $2.84 and a yield of 3.1%.

GSA Capital Partners LLP decreased its stake in Medtronic PLC (NYSE:MDT - Free Report) by 78.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,676 shares of the medical technology company's stock after selling 42,756 shares during the quarter. GSA Capital Partners LLP's holdings in Medtronic were worth $1,049,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MDT. Burkett Financial Services LLC grew its position 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 during the period. Wood Tarver Financial Group LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at about $27,000. Columbia River Financial Group LLC acquired a new stake in shares of Medtronic in the first quarter valued at about $28,000. Optiver Holding B.V. acquired a new stake in shares of Medtronic in the fourth quarter valued at about $31,000. Finally, Hughes Financial Services LLC acquired a new stake in shares of Medtronic in the first quarter valued at about $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on MDT shares. Royal Bank Of Canada dropped their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. 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 research report on Tuesday, July 8th. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Finally, Mizuho boosted their price target on shares of Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Eleven research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of "Moderate Buy" and an average target price of $98.19.

Medtronic Trading Down 1.0%

Shares of NYSE MDT traded down $0.93 during midday trading on Friday, reaching $89.31. 6,507,377 shares of the stock were exchanged, compared to its average volume of 6,483,095. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $96.25. The stock has a market capitalization of $114.54 billion, a P/E ratio of 24.67, a PEG ratio of 2.32 and a beta of 0.80. The company has a 50 day simple moving average of $87.76 and a 200 day simple moving average of $87.82. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share 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 business had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. During the same period last year, the business earned $1.46 earnings per share. The business's revenue for the quarter was up 3.9% on a year-over-year basis. As a group, equities 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. Shareholders of record on Friday, June 27th were given a dividend of $0.71 per share. 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 3.2%. The ex-dividend date was Friday, June 27th. Medtronic's dividend payout ratio (DPR) is 78.45%.

Medtronic Company 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.