Nixon Peabody Trust Co. Sells 37,833 Shares of Medtronic plc (NYSE:MDT)

Nixon Peabody Trust Co. lessened its position in Medtronic plc (NYSE:MDT - Free Report) by 75.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,546 shares of the medical technology company's stock after selling 37,833 shares during the quarter. Nixon Peabody Trust Co.'s holdings in Medtronic were worth $1,127,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Financial Management Professionals Inc. increased its stake in Medtronic by 3.2% in the first quarter. Financial Management Professionals Inc. now owns 6,460 shares of the medical technology company's stock valued at $580,000 after acquiring an additional 198 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its position in Medtronic by 128.6% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 8,013 shares of the medical technology company's stock valued at $720,000 after buying an additional 4,507 shares during the period. Heritage Family Offices LLP boosted its position in Medtronic by 4.3% during the first quarter. Heritage Family Offices LLP now owns 8,211 shares of the medical technology company's stock valued at $738,000 after buying an additional 339 shares during the period. Bridge Creek Capital Management LLC boosted its position in Medtronic by 1.1% during the first quarter. Bridge Creek Capital Management LLC now owns 41,302 shares of the medical technology company's stock valued at $3,711,000 after buying an additional 455 shares during the period. Finally, Kure Advisory LLC purchased a new stake in Medtronic during the first quarter valued at about $534,000. Institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MDT shares. Royal Bank of Canada cut their price target 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. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Friday. Robert W. Baird cut their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Mizuho cut their price target on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Finally, UBS Group upped their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. 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. According to MarketBeat.com, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus price target of $97.00.

Medtronic Stock Up 0.4%

MDT traded up $0.38 on Friday, hitting $87.38. The company had a trading volume of 7,577,391 shares, compared to its average volume of 6,860,821. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. The stock has a fifty day simple moving average of $83.92 and a 200-day simple moving average of $86.17. The firm has a market capitalization of $112.07 billion, a P/E ratio of 26.56, a P/E/G ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same period last year, the business posted $1.46 earnings per share. Medtronic's quarterly revenue was up 3.9% compared to the same quarter last year. As a group, equities analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

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

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.