Fiduciary Group LLC Lowers Position in Medtronic PLC (NYSE:MDT)

Fiduciary Group LLC cut its holdings in Medtronic PLC (NYSE:MDT) by 2.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,351 shares of the medical technology company’s stock after selling 201 shares during the quarter. Fiduciary Group LLC’s holdings in Medtronic were worth $840,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Kanawha Capital Management LLC lifted its stake in Medtronic by 3.4% in the first quarter. Kanawha Capital Management LLC now owns 119,150 shares of the medical technology company’s stock worth $10,707,000 after acquiring an additional 3,967 shares during the period. Aaron Wealth Advisors LLC lifted its stake in Medtronic by 12.6% in the first quarter. Aaron Wealth Advisors LLC now owns 7,743 shares of the medical technology company’s stock worth $696,000 after acquiring an additional 865 shares during the period. NovaPoint Capital LLC lifted its stake in Medtronic by 1.8% in the first quarter. NovaPoint Capital LLC now owns 33,076 shares of the medical technology company’s stock worth $2,972,000 after acquiring an additional 591 shares during the period. Keybank National Association OH lifted its stake in Medtronic by 1.7% in the first quarter. Keybank National Association OH now owns 135,610 shares of the medical technology company’s stock worth $12,186,000 after acquiring an additional 2,316 shares during the period. Finally, Rossby Financial LCC purchased a new stake in Medtronic in the first quarter worth about $160,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of NYSE:MDT opened at $88.42 on Thursday. Medtronic PLC has a twelve month low of $75.96 and a twelve month high of $96.25. The company’s 50 day moving average is $85.12 and its 200 day moving average is $86.44. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The company has a market cap of $113.40 billion, a PE ratio of 24.43, a price-to-earnings-growth ratio of 2.40 and a beta of 0.80.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the prior year, the company earned $1.46 EPS. Medtronic’s quarterly revenue was up 3.9% on a year-over-year basis. On average, sell-side analysts forecast 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. Investors of record on Friday, June 27th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.21%. The ex-dividend date is Friday, June 27th. This is an increase from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio is 78.45%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on MDT shares. Wolfe Research upgraded shares of Medtronic from an “underperform” rating to a “peer perform” rating in a report on Monday. Robert W. Baird reduced their target price on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a report on Thursday, May 22nd. Royal Bank Of Canada reduced their target price on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a report on Saturday, June 21st. Finally, Truist Financial reduced their target price on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Nine 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $97.87.

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.