Park National Corp OH Sells 5,791 Shares of Medtronic plc (NYSE:MDT)

Park National Corp OH reduced its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 4.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 126,782 shares of the medical technology company's stock after selling 5,791 shares during the quarter. Park National Corp OH's holdings in Medtronic were worth $11,393,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. Empowered Funds LLC raised its holdings in shares of Medtronic by 2.7% in the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company's stock valued at $8,453,000 after purchasing an additional 2,778 shares during the period. Caprock Group LLC raised its stake in Medtronic by 12.6% in the fourth quarter. Caprock Group LLC now owns 47,767 shares of the medical technology company's stock valued at $3,849,000 after buying an additional 5,363 shares during the period. Synergy Asset Management LLC raised its stake in Medtronic by 107.1% in the fourth quarter. Synergy Asset Management LLC now owns 227,802 shares of the medical technology company's stock valued at $19,353,000 after buying an additional 117,809 shares during the period. Equitable Trust Co. raised its stake in Medtronic by 91.7% in the fourth quarter. Equitable Trust Co. now owns 39,645 shares of the medical technology company's stock valued at $3,167,000 after buying an additional 18,968 shares during the period. Finally, Brentview Investment Management LLC bought a new stake in Medtronic in the fourth quarter valued at approximately $3,056,000. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

Shares of NYSE MDT traded up $0.62 during mid-day trading on Friday, reaching $83.03. The company had a trading volume of 11,022,726 shares, compared to its average volume of 6,827,209. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. The firm has a market cap of $106.49 billion, a price-to-earnings ratio of 25.24, a PEG ratio of 2.22 and a beta of 0.81. The business's 50-day simple moving average is $84.19 and its 200 day simple moving average is $86.20.

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

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a $0.71 dividend. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.42%. Medtronic's dividend payout ratio (DPR) is presently 78.45%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MDT shares. UBS Group increased their price target on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Wall Street Zen cut shares of Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Mizuho lowered their price target on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Truist Financial lowered their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Finally, Robert W. Baird lowered their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $96.07.

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.