Portside Wealth Group LLC Cuts Position in Medtronic plc (NYSE:MDT)

Portside Wealth Group LLC decreased its position in Medtronic plc (NYSE:MDT - Free Report) by 28.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,098 shares of the medical technology company's stock after selling 16,660 shares during the quarter. Portside Wealth Group LLC's holdings in Medtronic were worth $3,693,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Vanguard Group Inc. increased its position in shares of Medtronic by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock worth $9,921,367,000 after acquiring an additional 754,395 shares during the period. Capital Research Global Investors increased its position in shares of Medtronic by 1.8% during the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after acquiring an additional 571,700 shares during the period. Geode Capital Management LLC increased its position in shares of Medtronic by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock worth $2,155,085,000 after acquiring an additional 574,055 shares during the period. Deutsche Bank AG increased its position in shares of Medtronic by 2.1% during the fourth quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock worth $1,473,278,000 after acquiring an additional 372,168 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Medtronic by 17.8% during the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

Shares of MDT opened at $87.38 on Monday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a market capitalization of $112.07 billion, a price-to-earnings ratio of 26.56, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The firm has a 50-day simple moving average of $83.92 and a 200-day simple moving average of $86.19. 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 (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) 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 12.83% and a return on equity of 14.07%. The firm's revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.46 earnings per share. On average, equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a dividend of $0.71 per share. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio is currently 78.45%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday. UBS Group boosted their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Royal Bank of Canada lowered their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Finally, Truist Financial lowered their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $97.00.

Medtronic 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.

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