Rossmore Private Capital Sells 3,930 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Rossmore Private Capital has reduced its stake in Medtronic PLC by 43.6%, selling 3,930 shares and leaving it with 5,094 shares worth approximately $458,000.
• Medtronic recently reported earnings of $1.62 per share, exceeding analyst estimates, with quarterly revenue of $8.93 billion, marking a 3.9% increase from the previous year.
• The company announced a quarterly dividend of $0.71 per share, up from the previous payout, representing an annualized yield of 3.1%.

Rossmore Private Capital lessened its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 43.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,094 shares of the medical technology company's stock after selling 3,930 shares during the quarter. Rossmore Private Capital's holdings in Medtronic were worth $458,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Medtronic by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock worth $11,233,780,000 after purchasing an additional 810,854 shares in the last quarter. Capital Research Global Investors boosted its position in shares of Medtronic by 1.8% during the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after purchasing an additional 571,700 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Medtronic by 7.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after purchasing an additional 1,461,841 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Medtronic by 3.8% during the 1st quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock worth $1,858,332,000 after purchasing an additional 756,192 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Medtronic by 3.1% during the 1st quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock worth $1,708,220,000 after purchasing an additional 566,155 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Medtronic Trading Down 0.7%

NYSE:MDT opened at $92.09 on Wednesday. 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 has a market cap of $118.04 billion, a price-to-earnings ratio of 25.44, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $96.25. The firm has a 50-day moving average price of $88.96 and a two-hundred day moving average price of $87.97.

Medtronic (NYSE:MDT - Get Free Report) last issued 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. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same quarter last year, the business posted $1.46 EPS. Medtronic's quarterly revenue was up 3.9% compared to the same quarter last year. On average, equities analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business 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%. The ex-dividend date was Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is 78.45%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on MDT shares. Wall Street Zen cut shares of Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. 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 dropped their price target on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Finally, Mizuho raised their price target on shares of Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Twelve analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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