Strategic Advisors LLC Decreases Stake in Medtronic plc (NYSE:MDT)

Strategic Advisors LLC reduced its holdings in Medtronic plc (NYSE:MDT - Free Report) by 57.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,816 shares of the medical technology company's stock after selling 17,340 shares during the period. Strategic Advisors LLC's holdings in Medtronic were worth $1,152,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Burkett Financial Services LLC raised its stake in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares during the period. Mainstream Capital Management LLC purchased a new position in Medtronic during the fourth quarter worth about $26,000. Rakuten Securities Inc. raised its stake in Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after purchasing an additional 294 shares during the period. Wood Tarver Financial Group LLC purchased a new position in Medtronic during the fourth quarter worth about $27,000. Finally, Optiver Holding B.V. purchased a new position in Medtronic during the fourth quarter worth about $31,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Up 0.7%

Shares of MDT stock opened at $87.92 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The stock has a market capitalization of $112.76 billion, a P/E ratio of 26.72, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The company has a 50 day moving average price of $84.33 and a 200 day moving average price of $86.27. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25.

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

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.23%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is currently 78.45%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MDT. UBS Group lifted their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Truist Financial dropped their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Finally, Mizuho dropped their price target 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. Nine equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $97.87.

Medtronic 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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