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Medtronic PLC (NYSE:MDT) Shares Sold by Swiss National Bank

Medtronic logo with Medical background

Key Points

  • The Swiss National Bank reduced its holdings in Medtronic PLC by 0.2%, owning 3,616,566 shares valued at approximately $325 million as of the latest reporting period.
  • Medtronic's stock is rated a "Moderate Buy" with an average price target of $98.19 from analysts, reflecting a mix of ratings from eleven hold, ten buy, and two strong buy ratings.
  • The company recently increased its quarterly dividend to $0.71 per share, representing a 3.1% yield, up from the previous dividend of $0.70.
  • Looking to Export and Analyze Medtronic Data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Swiss National Bank lessened its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 0.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,616,566 shares of the medical technology company's stock after selling 6,500 shares during the quarter. Swiss National Bank owned 0.28% of Medtronic worth $324,985,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Burkett Financial Services LLC grew its position in Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after acquiring an additional 185 shares in the last quarter. Wood Tarver Financial Group LLC acquired a new stake in Medtronic in the fourth quarter valued at approximately $27,000. Columbia River Financial Group LLC acquired a new stake in Medtronic in the first quarter valued at approximately $28,000. Optiver Holding B.V. acquired a new stake in Medtronic in the fourth quarter valued at approximately $31,000. Finally, Hughes Financial Services LLC acquired a new stake in Medtronic in the first quarter valued at approximately $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analyst Weigh In

MDT has been the subject of several research analyst reports. Wall Street Zen cut Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday. Royal Bank Of Canada reduced their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Mizuho increased their target price on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Finally, Evercore ISI increased their target price on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Twelve equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

Check Out Our Latest Research Report on MDT

Medtronic Stock Performance

Shares of MDT traded up $1.70 during midday trading on Friday, hitting $92.94. 6,636,861 shares of the stock traded hands, compared to its average volume of 6,924,519. The business's 50 day moving average price is $88.65 and its two-hundred day moving average price is $87.93. The firm has a market capitalization of $119.13 billion, a PE ratio of 25.67, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business's revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.46 earnings per share. Equities research analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's dividend payout ratio is 78.45%.

Medtronic Company Profile

(Free Report)

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.

Read More

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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