WestEnd Advisors LLC Has $41.65 Million Holdings in Medtronic PLC (NYSE:MDT)

WestEnd Advisors LLC lowered its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 1.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 463,511 shares of the medical technology company's stock after selling 7,284 shares during the quarter. Medtronic accounts for approximately 1.1% of WestEnd Advisors LLC's investment portfolio, making the stock its 24th largest position. WestEnd Advisors LLC's holdings in Medtronic were worth $41,651,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of MDT. Vanguard Group Inc. lifted its stake in Medtronic by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock worth $9,921,367,000 after acquiring an additional 754,395 shares in the last quarter. Capital Research Global Investors lifted its stake in Medtronic by 1.8% in the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after acquiring an additional 571,700 shares in the last quarter. Geode Capital Management LLC lifted its stake in Medtronic by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock worth $2,155,085,000 after acquiring an additional 574,055 shares in the last quarter. Deutsche Bank AG lifted its stake in Medtronic by 2.1% in the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock worth $1,473,278,000 after acquiring an additional 372,168 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after acquiring an additional 2,333,600 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MDT. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Leerink Partners assumed coverage on Medtronic in a research note on Monday, June 16th. They set an "outperform" rating and a $110.00 price target for the company. Royal Bank Of Canada cut their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Finally, Truist Financial cut their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Eight equities research 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, the stock currently has an average rating of "Moderate Buy" and an average price target of $97.87.

Medtronic Stock Performance

MDT traded up $0.01 during midday trading on Friday, reaching $86.19. The company's stock had a trading volume of 10,133,590 shares, compared to its average volume of 6,964,487. The stock has a market cap of $110.54 billion, a P/E ratio of 23.81, a PEG ratio of 2.32 and a beta of 0.79. The company has a fifty day simple moving average of $84.82 and a 200 day simple moving average of $86.35. 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 twelve month low of $75.96 and a twelve month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company's revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.46 EPS. Research analysts expect 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 issued a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.29%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is 77.35%.

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.