Rhumbline Advisers Sells 141,331 Shares of Medtronic plc (NYSE:MDT)

Rhumbline Advisers decreased its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 5.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,401,607 shares of the medical technology company's stock after selling 141,331 shares during the period. Rhumbline Advisers owned 0.19% of Medtronic worth $215,808,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in MDT. Brighton Jones LLC boosted its holdings in Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after acquiring an additional 37,265 shares in the last quarter. SteelPeak Wealth LLC bought a new position in shares of Medtronic in the 4th quarter worth $210,000. Cibc World Market Inc. grew its position in Medtronic by 3.7% in the 4th quarter. Cibc World Market Inc. now owns 272,444 shares of the medical technology company's stock valued at $21,763,000 after purchasing an additional 9,689 shares during the period. Caprock Group LLC grew its position in Medtronic by 12.6% in the 4th quarter. Caprock Group LLC now owns 47,767 shares of the medical technology company's stock valued at $3,849,000 after purchasing an additional 5,363 shares during the period. Finally, Austin Private Wealth LLC increased its stake in Medtronic by 24.4% during the 4th quarter. Austin Private Wealth LLC now owns 3,876 shares of the medical technology company's stock valued at $310,000 after purchasing an additional 759 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MDT has been the topic of a number of recent research reports. UBS Group raised their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Robert W. Baird dropped 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. Royal Bank of Canada decreased their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Truist Financial lowered their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Finally, Mizuho cut their target price on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $97.00.

Medtronic Stock Performance

MDT traded up $0.17 during trading hours on Wednesday, hitting $85.71. The stock had a trading volume of 8,976,312 shares, compared to its average volume of 6,845,406. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The company's fifty day simple moving average is $84.04 and its 200 day simple moving average is $86.16. The stock has a market cap of $109.93 billion, a PE ratio of 26.05, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

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, beating the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company's quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.46 earnings per share. Equities analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date is Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is presently 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.