Trajan Wealth LLC Trims Stake in Medtronic PLC (NYSE:MDT)

Key Points

• Trajan Wealth LLC has reduced its stake in Medtronic PLC by 7.1%, bringing its total shares owned to 54,742, valued at approximately $4.9 million.
• Medtronic has recently increased its quarterly dividend to $0.71, representing an annualized yield of 3.1% with a payout ratio of 78.45%.
• Analysts have a positive outlook on Medtronic, with several upgrades and a consensus price target of $98.19 following strong quarterly earnings performance.

Trajan Wealth LLC lowered its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 7.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 54,742 shares of the medical technology company's stock after selling 4,214 shares during the quarter. Trajan Wealth LLC's holdings in Medtronic were worth $4,919,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Burkett Financial Services LLC boosted 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 acquiring an additional 185 shares in the last quarter. Wood Tarver Financial Group LLC bought a new stake in Medtronic during the fourth quarter worth about $27,000. Columbia River Financial Group LLC bought a new stake in Medtronic during the first quarter worth about $28,000. Optiver Holding B.V. bought a new stake in Medtronic during the fourth quarter worth about $31,000. Finally, Hughes Financial Services LLC bought a new stake in Medtronic during the first quarter worth about $32,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Down 0.1%

MDT opened at $92.80 on Tuesday. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25. The company has a market capitalization of $118.95 billion, a PE ratio of 25.63, a PEG ratio of 2.41 and a beta of 0.80. The firm's 50 day simple moving average is $88.83 and its two-hundred day simple moving average is $87.94.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period last year, the firm earned $1.46 earnings per share. The company's quarterly revenue was up 3.9% on a year-over-year basis. As a group, equities analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were given a $0.71 dividend. The ex-dividend date was 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 3.1%. Medtronic's payout ratio is 78.45%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MDT. Citigroup boosted their price objective on shares of Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Leerink Partners initiated coverage on shares of Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price on the stock. Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Finally, BTIG Research reiterated a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Twelve analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Company 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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