National Bank of Canada FI Sells 1,633,527 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• National Bank of Canada FI reduced its stake in Medtronic PLC by 55.6%, selling 1,633,527 shares, which left them with 1,303,676 shares valued at approximately $117.1 million.
• Medtronic reported a quarterly earnings per share of $1.62, exceeding expectations, with revenues of $8.93 billion, reflecting a 3.9% increase year-over-year.
• The company increased its quarterly dividend to $0.71 from the previous $0.70, with a current annualized yield of 3.1%.

National Bank of Canada FI cut its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 55.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,303,676 shares of the medical technology company's stock after selling 1,633,527 shares during the period. National Bank of Canada FI owned 0.10% of Medtronic worth $117,145,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in MDT. Burkett Financial Services LLC increased its stake in shares of Medtronic by 185.0% in the first 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 period. Wood Tarver Financial Group LLC bought a new position in Medtronic during the fourth quarter valued at about $27,000. Columbia River Financial Group LLC bought a new position in Medtronic during the first quarter valued at about $28,000. Optiver Holding B.V. bought a new position in Medtronic during the fourth quarter valued at about $31,000. Finally, Hughes Financial Services LLC bought a new position in Medtronic during the first quarter valued at about $32,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Price Performance

MDT traded down $0.08 during midday trading on Monday, hitting $92.80. The company had a trading volume of 6,563,651 shares, compared to its average volume of 6,643,395. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $96.25. The company has a market capitalization of $118.95 billion, a PE ratio of 25.63, a P/E/G ratio of 2.41 and a beta of 0.80. 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 $88.65 and its 200-day simple moving average is $87.92.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. Medtronic's revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.46 EPS. Equities research analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal 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 paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.1%. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's payout ratio is currently 78.45%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MDT. Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday. Citigroup boosted their price target on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Royal Bank Of Canada lowered their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Morgan Stanley restated an "overweight" rating and set a $107.00 price target (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Finally, BTIG Research restated a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Twelve investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of "Moderate Buy" and an average target price of $98.19.

Medtronic Company 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.