Medtronic PLC (NYSE:MDT) Stock Position Reduced by J. Safra Sarasin Holding AG

Key Points

• J. Safra Sarasin Holding AG reduced its stake in Medtronic PLC by 2.1%, owning 172,325 shares valued at approximately $15.47 million after selling 3,690 shares in the first quarter.
• Medtronic recently increased its quarterly dividend to $0.71, resulting in an annualized dividend of $2.84 and a yield of 3.2%.
• The company reported a quarterly earnings per share (EPS) of $1.62, exceeding analysts' expectations, along with year-over-year revenue growth of 3.9%.

J. Safra Sarasin Holding AG cut its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 2.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 172,325 shares of the medical technology company's stock after selling 3,690 shares during the period. J. Safra Sarasin Holding AG's holdings in Medtronic were worth $15,473,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of MDT. Brighton Jones LLC boosted its holdings in shares of Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after buying an additional 37,265 shares during the period. Bryce Point Capital LLC acquired a new position in Medtronic during the 4th quarter valued at about $490,000. OneAscent Financial Services LLC boosted its stake in Medtronic by 17.2% during the 4th quarter. OneAscent Financial Services LLC now owns 3,597 shares of the medical technology company's stock valued at $287,000 after purchasing an additional 527 shares during the period. Pitcairn Co. boosted its stake in Medtronic by 35.6% during the 4th quarter. Pitcairn Co. now owns 29,357 shares of the medical technology company's stock valued at $2,345,000 after purchasing an additional 7,711 shares during the period. Finally, Foundry Partners LLC boosted its stake in Medtronic by 0.3% during the 4th quarter. Foundry Partners LLC now owns 268,311 shares of the medical technology company's stock valued at $21,433,000 after purchasing an additional 679 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of NYSE MDT traded down $0.93 during midday trading on Friday, reaching $89.31. The company's stock had a trading volume of 6,507,377 shares, compared to its average volume of 6,816,003. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The company has a 50 day moving average price of $87.76 and a 200 day moving average price of $87.85. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. The company has a market cap of $114.54 billion, a price-to-earnings ratio of 24.67, a price-to-earnings-growth ratio of 2.32 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (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 business had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same quarter in the previous year, the business earned $1.46 earnings per share. The firm's revenue was up 3.9% compared to the same quarter last year. On average, equities research analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a dividend of $0.71 per share. This is an increase 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 presently 78.45%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Robert W. Baird reduced their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Mizuho boosted their target price on shares of Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Truist Financial reduced their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Royal Bank Of Canada reduced their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Finally, Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Eleven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus 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.