Sequoia Financial Advisors LLC Sells 2,934 Shares of Medtronic PLC (NYSE:MDT)

Sequoia Financial Advisors LLC decreased its position in Medtronic PLC (NYSE:MDT - Free Report) by 8.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,925 shares of the medical technology company's stock after selling 2,934 shares during the quarter. Sequoia Financial Advisors LLC's holdings in Medtronic were worth $2,869,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Medtronic by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock valued at $9,921,367,000 after acquiring an additional 754,395 shares during the last quarter. Capital Research Global Investors increased its position in shares of 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 valued at $2,652,310,000 after acquiring an additional 571,700 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Medtronic by 2.2% in the fourth 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 acquiring an additional 574,055 shares during the last quarter. Deutsche Bank AG increased its position in shares of Medtronic by 2.1% in the fourth quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock valued at $1,473,278,000 after acquiring an additional 372,168 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Medtronic by 17.8% in the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after acquiring an additional 2,333,600 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Price Performance

NYSE:MDT traded up $0.01 during trading hours on Friday, reaching $86.19. 10,133,590 shares of the company were exchanged, compared to its average volume of 6,964,487. The company has a market capitalization of $110.54 billion, a P/E ratio of 23.81, a P/E/G ratio of 2.32 and a beta of 0.79. Medtronic PLC has a 1-year low of $75.96 and a 1-year high of $96.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The business has a 50 day moving average of $84.82 and a 200 day moving average of $86.35.

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 analysts' consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the prior year, the business posted $1.46 earnings per share. The firm's quarterly revenue was up 3.9% compared to the same quarter last year. Research analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.29%. Medtronic's dividend payout ratio is presently 77.35%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MDT. Royal Bank Of Canada lowered their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Robert W. Baird reduced their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Finally, Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and a consensus price target of $97.87.

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.