Medtronic plc (NYSE:MDT) Shares Sold by Procyon Advisors LLC

Procyon Advisors LLC lowered its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 18.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,670 shares of the medical technology company's stock after selling 3,527 shares during the quarter. Procyon Advisors LLC's holdings in Medtronic were worth $1,319,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC increased its stake in Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Medtronic by 6.1% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 164,576 shares of the medical technology company's stock valued at $13,146,000 after buying an additional 9,451 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in shares of Medtronic during the 4th quarter valued at about $78,000. Shepherd Financial Partners LLC raised its stake in Medtronic by 2.9% during the fourth quarter. Shepherd Financial Partners LLC now owns 5,567 shares of the medical technology company's stock worth $445,000 after acquiring an additional 159 shares during the period. Finally, Vest Financial LLC lifted its holdings in Medtronic by 3.4% in the fourth quarter. Vest Financial LLC now owns 633,609 shares of the medical technology company's stock worth $50,613,000 after acquiring an additional 20,806 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Performance

MDT opened at $87.38 on Friday. The business has a 50 day moving average price of $83.92 and a two-hundred day moving average price of $86.18. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The company has a market capitalization of $112.07 billion, a price-to-earnings ratio of 26.56, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last posted 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. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the previous year, the business earned $1.46 EPS. The company's quarterly revenue was up 3.9% compared to the same quarter last year. Research analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a dividend of $0.71 per share. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.25%. Medtronic's dividend payout ratio (DPR) is 78.45%.

Analyst Ratings Changes

MDT has been the topic of a number of research reports. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Friday. Mizuho cut their target price on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and boosted their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Wall Street Zen downgraded shares of Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Finally, Royal Bank of Canada decreased their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Medtronic has an average rating of "Moderate Buy" and an average price target of $97.00.

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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