United Advisor Group LLC reduced its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 57.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,054 shares of the medical technology company's stock after selling 4,082 shares during the period. United Advisor Group LLC's holdings in Medtronic were worth $274,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in MDT. Plimoth Trust Co. LLC grew its stake in shares of Medtronic by 12.8% during the first quarter. Plimoth Trust Co. LLC now owns 9,714 shares of the medical technology company's stock valued at $873,000 after acquiring an additional 1,101 shares in the last quarter. Boston Trust Walden Corp boosted its holdings in Medtronic by 6.0% in the first quarter. Boston Trust Walden Corp now owns 141,389 shares of the medical technology company's stock valued at $12,705,000 after purchasing an additional 8,047 shares during the last quarter. Global X Japan Co. Ltd. grew its stake in Medtronic by 17.4% during the 1st quarter. Global X Japan Co. Ltd. now owns 6,713 shares of the medical technology company's stock valued at $603,000 after purchasing an additional 996 shares in the last quarter. Beacon Capital Management LLC increased its holdings in Medtronic by 45.8% during the 1st quarter. Beacon Capital Management LLC now owns 500 shares of the medical technology company's stock worth $45,000 after purchasing an additional 157 shares during the last quarter. Finally, Aspiriant LLC acquired a new position in shares of Medtronic in the 1st quarter valued at approximately $306,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
MDT has been the topic of several recent analyst reports. Mizuho cut their price target on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a report 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. Robert W. Baird reduced their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Truist Financial lowered their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Finally, Leerink Partnrs raised Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $97.87.
Read Our Latest Analysis on MDT
Medtronic Stock Performance
Shares of MDT stock traded up $0.57 during trading hours on Friday, reaching $86.30. The stock had a trading volume of 13,076,756 shares, compared to its average volume of 6,911,259. The firm has a market capitalization of $110.68 billion, a PE ratio of 23.84, a price-to-earnings-growth ratio of 2.33 and a beta of 0.79. The firm has a 50-day simple moving average of $84.49 and a 200-day simple moving average of $86.27. Medtronic PLC has a twelve month low of $75.96 and a twelve month 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.
Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the business earned $1.46 earnings per share. As a group, equities analysts forecast that Medtronic PLC will post 5.46 earnings per share 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 of this dividend is Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.29%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is presently 77.35%.
Medtronic Profile
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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.
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