Franklin Street Advisors Inc. NC Sells 17,005 Shares of Medtronic plc (NYSE:MDT)

Franklin Street Advisors Inc. NC reduced its stake in Medtronic plc (NYSE:MDT) by 23.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 56,512 shares of the medical technology company’s stock after selling 17,005 shares during the quarter. Franklin Street Advisors Inc. NC’s holdings in Medtronic were worth $5,078,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. TCTC Holdings LLC lifted its stake in Medtronic by 3.4% during the fourth 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 lifted its stake in Medtronic by 1,368.0% during the fourth 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. Oxford Asset Management LLP lifted its stake in Medtronic by 70.1% during the fourth 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. New Vernon Investment Management LLC lifted its stake in Medtronic by 304.9% during the fourth quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company’s stock worth $2,425,000 after purchasing an additional 22,300 shares during the last quarter. Finally, Advisor OS LLC lifted its stake in Medtronic by 152.0% during the fourth quarter. Advisor OS LLC now owns 11,800 shares of the medical technology company’s stock worth $943,000 after purchasing an additional 7,118 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

NYSE MDT opened at $87.92 on Wednesday. The company has a market capitalization of $112.77 billion, a price-to-earnings ratio of 26.72, a PEG ratio of 2.22 and a beta of 0.79. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The stock has a fifty day simple moving average of $83.89 and a 200 day simple moving average of $86.22. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion during 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%. Medtronic’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 earnings per share. Sell-side analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. 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 3.23%. The ex-dividend date is Friday, June 27th. Medtronic’s dividend payout ratio (DPR) is presently 78.45%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MDT. Robert W. Baird cut their target price on Medtronic from $94.00 to $92.00 and set a “neutral” 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 note on Saturday, May 24th. Truist Financial cut their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. UBS Group upped their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and upped their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Nine equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Medtronic currently has an average rating of “Moderate Buy” and an average price target of $97.00.

Medtronic Company 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.