Medtronic PLC (NYSE:MDT) Shares Sold by Mitchell Sinkler & Starr PA

Key Points

• Mitchell Sinkler & Starr PA reduced its holdings in Medtronic PLC by 29.1%, owning 6,708 shares worth approximately $603,000 after selling 2,757 shares in the first quarter.
• Medtronic's quarterly dividend was recently increased to $0.71, resulting in an annualized dividend yield of 3.06%.
• Analysts have a mixed sentiment on Medtronic, with a consensus rating of "Moderate Buy" and an average target price of $98.19.

Mitchell Sinkler & Starr PA trimmed its position in Medtronic PLC (NYSE:MDT - Free Report) by 29.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,708 shares of the medical technology company's stock after selling 2,757 shares during the quarter. Mitchell Sinkler & Starr PA's holdings in Medtronic were worth $603,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of MDT. Beutel Goodman & Co Ltd. acquired a new position in shares of Medtronic in the 4th quarter worth approximately $377,169,000. Invesco Ltd. lifted its holdings in shares of Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after acquiring an additional 2,333,600 shares during the last quarter. Burgundy Asset Management Ltd. acquired a new position in shares of Medtronic in the 4th quarter worth approximately $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Medtronic in the 4th quarter worth approximately $139,869,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Medtronic by 21.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,910,161 shares of the medical technology company's stock worth $711,744,000 after buying an additional 1,566,776 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MDT. Truist Financial reduced their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Robert W. Baird reduced their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Mizuho increased their target price on shares of Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Evercore ISI increased their price objective on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, Leerink Partners assumed coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective on the stock. Eleven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Price Performance

NYSE:MDT traded down $0.84 during mid-day trading on Thursday, hitting $90.80. 3,349,563 shares of the company's stock traded hands, compared to its average volume of 7,666,783. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The firm's 50 day simple moving average is $87.41 and its 200 day simple moving average is $87.74. Medtronic PLC has a 1 year low of $78.96 and a 1 year high of $96.25. The company has a market cap of $116.45 billion, a PE ratio of 25.10, a price-to-earnings-growth ratio of 2.40 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 analysts' consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.46 earnings per share. Sell-side 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. The ex-dividend date was Friday, June 27th. 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 3.13%. Medtronic's payout ratio is 78.45%.

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.