Medtronic PLC (NYSE:MDT) Shares Sold by Scotia Capital Inc.

Key Points

• Scotia Capital Inc. reduced its stake in Medtronic by 7.2%, now owning 0.08% of the company, worth approximately $87.6 million.
• Medtronic reported a quarterly EPS of $1.62, surpassing expectations, with revenues of $8.93 billion, marking a 3.9% increase from the previous year.
• The company increased its quarterly dividend to $0.71 per share, representing an annualized dividend yield of 3.2%.

Scotia Capital Inc. lessened its stake in Medtronic PLC (NYSE:MDT - Free Report) by 7.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 975,261 shares of the medical technology company's stock after selling 75,669 shares during the quarter. Scotia Capital Inc. owned 0.08% of Medtronic worth $87,637,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of MDT. Burkett Financial Services LLC increased its stake in shares of Medtronic by 185.0% in the 1st 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 purchased a new position in shares of Medtronic in the 4th quarter valued at about $27,000. Columbia River Financial Group LLC purchased a new position in shares of Medtronic in the 1st quarter valued at about $28,000. Optiver Holding B.V. purchased a new position in shares of Medtronic in the 4th quarter valued at about $31,000. Finally, Hughes Financial Services LLC purchased a new position in shares of Medtronic in the 1st quarter valued at about $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Down 1.0%

NYSE:MDT opened at $89.31 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock's fifty day moving average is $87.76 and its two-hundred day moving average is $87.84. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $96.25. The stock has a market capitalization 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 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same period in the prior year, the firm earned $1.46 earnings per share. The firm's revenue was up 3.9% compared to the same quarter last year. Research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given 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 of this dividend was Friday, June 27th. Medtronic's dividend payout ratio is currently 78.45%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Truist Financial cut their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Morgan Stanley reiterated an "overweight" rating and set a $107.00 price objective (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. BTIG Research reiterated a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Leerink Partners started coverage on Medtronic in a research note on Monday, June 16th. They set an "outperform" rating and a $110.00 price objective for the company. Finally, Citigroup boosted their price objective on Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Eleven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus 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.

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