Spinnaker Trust Sells 4,412 Shares of Medtronic PLC (NYSE:MDT)

Spinnaker Trust trimmed its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 17.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,305 shares of the medical technology company's stock after selling 4,412 shares during the period. Spinnaker Trust's holdings in Medtronic were worth $1,825,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. Insight Inv LLC raised its stake in shares of Medtronic by 84.2% in the first quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock valued at $2,467,000 after buying an additional 12,550 shares during the period. MorganRosel Wealth Management LLC purchased a new stake in Medtronic in the 1st quarter worth about $77,000. Argent Advisors Inc. raised its stake in Medtronic by 9.9% in the 1st quarter. Argent Advisors Inc. now owns 32,663 shares of the medical technology company's stock valued at $2,935,000 after acquiring an additional 2,946 shares during the period. LifePlan Financial LLC raised its stake in Medtronic by 2.0% in the 1st quarter. LifePlan Financial LLC now owns 22,779 shares of the medical technology company's stock valued at $2,047,000 after acquiring an additional 452 shares during the period. Finally, Albion Financial Group UT increased its stake in shares of Medtronic by 247.8% in the first quarter. Albion Financial Group UT now owns 69,064 shares of the medical technology company's stock worth $6,206,000 after purchasing an additional 49,206 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Medtronic Trading Down 0.2%

NYSE:MDT traded down $0.15 during midday trading on Wednesday, reaching $88.60. 3,139,126 shares of the stock traded hands, compared to its average volume of 6,966,527. 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 company has a fifty day moving average of $85.03 and a 200 day moving average of $86.43. The stock has a market capitalization of $113.64 billion, a P/E ratio of 24.48, a PEG ratio of 2.35 and a beta of 0.80. Medtronic PLC has a 12 month low of $75.96 and a 12 month high of $96.25.

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, beating analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. Medtronic's revenue was up 3.9% on a year-over-year basis. During the same period last year, the company posted $1.46 EPS. On average, research analysts predict that Medtronic PLC will post 5.46 EPS 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 given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is 78.45%.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of recent research reports. 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 note on Thursday, May 22nd. Mizuho cut their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Robert W. Baird reduced their price objective on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Finally, Truist Financial cut their price target 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. Nine investment 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 company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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.