Sanibel Captiva Trust Company Inc. Has $7.99 Million Stake in Medtronic plc (NYSE:MDT)

Sanibel Captiva Trust Company Inc. trimmed its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 3.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 88,937 shares of the medical technology company's stock after selling 2,999 shares during the period. Sanibel Captiva Trust Company Inc.'s holdings in Medtronic were worth $7,992,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Medtronic by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock worth $9,921,367,000 after buying an additional 754,395 shares in the last quarter. Capital Research Global Investors lifted its position in Medtronic by 1.8% in 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 purchasing an additional 571,700 shares during the period. Geode Capital Management LLC increased its position in shares of Medtronic by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock valued at $2,155,085,000 after purchasing an additional 574,055 shares during the period. Deutsche Bank AG increased its position in shares of Medtronic by 2.1% during the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock valued at $1,473,278,000 after purchasing an additional 372,168 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after buying an additional 2,333,600 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. 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 report on Thursday, May 22nd. Mizuho lowered their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Truist Financial reduced their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Finally, Royal Bank of Canada dropped their target price 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. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $97.00.

Medtronic Stock Performance

Medtronic stock traded up $0.05 during mid-day trading on Wednesday, reaching $88.01. The company had a trading volume of 4,643,169 shares, compared to its average volume of 6,871,732. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a market cap of $112.88 billion, a price-to-earnings ratio of 26.75, a PEG ratio of 2.22 and a beta of 0.79. The company has a 50 day moving average of $83.89 and a 200-day moving average of $86.22. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25.

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

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.23%. The ex-dividend date is 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%.

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.