Medtronic PLC (NYSE:MDT) Shares Sold by Mizuho Securities USA LLC

Key Points

• Mizuho Securities USA LLC has reduced its stake in Medtronic PLC by 15.5%, now holding shares valued at $9.23 million after selling nearly 19,000 shares in the first quarter.
• Medtronic recently increased its quarterly dividend from $0.70 to $0.71 per share, with an annualized yield of 3.1% and a payout ratio of 78.45%.
• The stock is currently rated as a "Moderate Buy" by analysts, with a consensus price target of $98.19, reflecting mixed evaluations from various research firms.

Mizuho Securities USA LLC lessened its stake in Medtronic PLC (NYSE:MDT - Free Report) by 15.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 102,672 shares of the medical technology company's stock after selling 18,877 shares during the quarter. Mizuho Securities USA LLC's holdings in Medtronic were worth $9,226,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Burkett Financial Services LLC boosted its stake in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares during the last quarter. Columbia River Financial Group LLC acquired a new stake in Medtronic during the 1st quarter worth $28,000. Wood Tarver Financial Group LLC acquired a new stake in Medtronic during the 4th quarter worth $27,000. Hughes Financial Services LLC acquired a new stake in Medtronic during the 1st quarter worth $32,000. Finally, Optiver Holding B.V. acquired a new stake in Medtronic during the 4th quarter worth $31,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Trading Down 0.7%

NYSE:MDT traded down $0.65 on Tuesday, reaching $92.09. 5,203,733 shares of the company's stock were exchanged, compared to its average volume of 7,643,828. 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 firm has a market capitalization of $118.04 billion, a price-to-earnings ratio of 25.44, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80. The business has a fifty day moving average of $88.83 and a 200-day moving average of $87.94. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25.

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

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were paid a dividend of $0.71 per share. The ex-dividend date was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. Medtronic's payout ratio is currently 78.45%.

Analysts Set New Price Targets

Several brokerages have issued reports on MDT. Morgan Stanley reaffirmed an "overweight" rating and set a $107.00 target price (up previously from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Robert W. Baird lowered their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Citigroup boosted their price target on shares of Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Finally, Wall Street Zen cut shares of Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday. Twelve research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.19.

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.