Medtronic plc (NYSE:MDT) Stock Position Decreased by Procyon Advisors LLC

Procyon Advisors LLC trimmed its stake in Medtronic plc (NYSE:MDT) by 18.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,670 shares of the medical technology company’s stock after selling 3,527 shares during the quarter. Procyon Advisors LLC’s holdings in Medtronic were worth $1,319,000 at the end of the most recent quarter.

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

Medtronic Stock Up 0.4%

MDT opened at $87.38 on Friday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The business has a 50-day moving average of $83.92 and a 200-day moving average of $86.18. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The company has a market capitalization of $112.07 billion, a PE ratio of 26.56, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT) last released its quarterly earnings data 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. The firm had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.46 earnings per share. Equities research 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 will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.25%. Medtronic’s dividend payout ratio is 78.45%.

Analysts Set New Price Targets

A number of equities analysts recently commented on MDT shares. Mizuho decreased their price objective on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Wall Street Zen cut Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Royal Bank of Canada lowered their price target on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and upped their price target for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, Truist Financial decreased their price objective on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of “Moderate Buy” and a consensus price target 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.