Medtronic plc (NYSE:MDT) Shares Sold by Vest Financial LLC

Vest Financial LLC trimmed its stake in Medtronic plc (NYSE:MDT - Free Report) by 1.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 624,797 shares of the medical technology company's stock after selling 8,812 shares during the period. Vest Financial LLC's holdings in Medtronic were worth $56,144,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Empowered Funds LLC boosted its holdings in shares of Medtronic by 2.7% in the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company's stock valued at $8,453,000 after buying an additional 2,778 shares in the last quarter. Equitable Trust Co. boosted its stake in Medtronic by 91.7% in the 4th quarter. Equitable Trust Co. now owns 39,645 shares of the medical technology company's stock worth $3,167,000 after purchasing an additional 18,968 shares in the last quarter. TCTC Holdings LLC grew its position in Medtronic by 3.4% during the 4th quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company's stock worth $3,173,000 after purchasing an additional 1,301 shares during the last quarter. Brighton Jones LLC grew its position in Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Finally, Oxford Asset Management LLP grew its position in Medtronic by 70.1% during the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock worth $594,000 after purchasing an additional 3,068 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Up 0.4%

Medtronic stock traded up $0.38 during midday trading on Friday, hitting $87.38. 7,577,391 shares of the stock were exchanged, compared to its average volume of 6,861,534. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The stock's 50-day simple moving average is $83.92 and its 200 day simple moving average is $86.17. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The stock has a market capitalization of $112.07 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping 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 company had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the previous year, the firm earned $1.46 earnings per share. Medtronic's quarterly revenue was up 3.9% compared to the same quarter last year. On average, equities analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company 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 is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.25%. Medtronic's payout ratio is 78.45%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MDT shares. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Truist Financial dropped their price objective 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. Royal Bank of Canada dropped their price objective 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. Wall Street Zen downgraded shares of Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Finally, Robert W. Baird dropped their price objective on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $97.00.

About Medtronic

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.