Trust Co. of Toledo NA OH Raises Stake in Medtronic plc (NYSE:MDT)

Trust Co. of Toledo NA OH boosted its stake in shares of Medtronic plc (NYSE:MDT) by 1.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,352 shares of the medical technology company’s stock after buying an additional 184 shares during the quarter. Trust Co. of Toledo NA OH’s holdings in Medtronic were worth $1,469,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. D Orazio & Associates Inc. bought a new stake in shares of Medtronic in the first quarter valued at about $357,000. Hengehold Capital Management LLC increased its position in Medtronic by 3.8% during the 1st quarter. Hengehold Capital Management LLC now owns 37,871 shares of the medical technology company’s stock valued at $3,403,000 after purchasing an additional 1,402 shares during the period. Brighton Jones LLC raised its holdings in shares of Medtronic by 4.2% in the 1st quarter. Brighton Jones LLC now owns 41,676 shares of the medical technology company’s stock valued at $3,745,000 after purchasing an additional 1,687 shares in the last quarter. BayBridge Capital Group LLC purchased a new stake in shares of Medtronic in the 1st quarter worth approximately $1,505,000. Finally, Atlas Private Wealth Advisors boosted its stake in shares of Medtronic by 10.9% during the first quarter. Atlas Private Wealth Advisors now owns 15,888 shares of the medical technology company’s stock valued at $1,428,000 after purchasing an additional 1,560 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT opened at $87.19 on Friday. The company’s 50 day simple moving average is $84.21 and its 200-day simple moving average is $86.26. The firm has a market cap of $111.83 billion, a PE ratio of 26.50, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The company has a current ratio of 1.90, a quick ratio of 1.39 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, topping analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. During the same period last year, the firm earned $1.46 EPS. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. As a group, equities analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio is currently 78.45%.

Analysts Set New Price Targets

MDT has been the subject of several recent research reports. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Wall Street Zen cut shares of Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Royal Bank of Canada cut their price objective on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Finally, Robert W. Baird decreased their target price on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.00.

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.