US Bancorp DE Trims Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• US Bancorp DE reduced its holdings in Medtronic PLC by 1.6%, now owning approximately 1,399,856 shares valued at about $125.8 million.
• Medtronic recently increased its quarterly dividend to $0.71 per share, marking a positive change from the previous $0.70, and resulting in an annualized yield of 3.1%.
• Analysts have rated Medtronic with a consensus of "Moderate Buy", with eleven hold ratings, ten buy ratings, and two strong buy ratings, while Morgan Stanley set a new price target of $107.00.

US Bancorp DE trimmed its position in Medtronic PLC (NYSE:MDT - Free Report) by 1.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,399,856 shares of the medical technology company's stock after selling 22,980 shares during the quarter. US Bancorp DE owned 0.11% of Medtronic worth $125,792,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Capital Research Global Investors boosted its holdings in shares of Medtronic by 1.8% during the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock valued at $2,652,310,000 after buying an additional 571,700 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Medtronic by 7.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock valued at $2,001,903,000 after buying an additional 1,461,841 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Medtronic by 3.8% during the 1st quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock valued at $1,858,332,000 after buying an additional 756,192 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of Medtronic by 2.1% during the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock valued at $1,473,278,000 after buying an additional 372,168 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after buying an additional 2,333,600 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MDT shares. Mizuho boosted their target price on shares of Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Morgan Stanley restated an "overweight" rating and set a $107.00 target price (up previously from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Royal Bank Of Canada dropped their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Finally, Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Eleven research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

Medtronic Stock Performance

NYSE:MDT traded down $0.93 during mid-day trading on Friday, reaching $89.31. The company's stock had a trading volume of 6,507,377 shares, compared to its average volume of 6,483,095. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $96.25. The firm's fifty day moving average price is $87.76 and its two-hundred day moving average price is $87.82. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The stock has a market cap of $114.54 billion, a P/E ratio of 24.67, a PEG ratio of 2.32 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last released 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. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same quarter in the prior year, the firm earned $1.46 EPS. The business's revenue for the quarter was up 3.9% compared to the same quarter last year. On average, equities analysts forecast 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 given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is currently 78.45%.

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.