Medtronic plc (NYSE:MDT) Shares Sold by First Affirmative Financial Network

First Affirmative Financial Network reduced its holdings in Medtronic plc (NYSE:MDT) by 9.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,667 shares of the medical technology company’s stock after selling 499 shares during the period. First Affirmative Financial Network’s holdings in Medtronic were worth $419,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of MDT. Norges Bank acquired a new stake in Medtronic in the fourth quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. acquired a new stake in Medtronic in the fourth quarter valued at approximately $852,732,000. Beutel Goodman & Co Ltd. acquired a new stake in Medtronic in the fourth quarter valued at approximately $377,169,000. Van ECK Associates Corp grew its holdings in Medtronic by 2,043.4% in the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after purchasing an additional 2,476,935 shares during the period. Finally, Invesco Ltd. grew its holdings in Medtronic by 17.8% in the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after purchasing an additional 2,333,600 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of Medtronic stock opened at $87.38 on Friday. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. The company has a market cap of $112.07 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 2.22 and a beta of 0.79. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The business’s 50 day moving average price is $83.92 and its 200 day moving average price is $86.17.

Medtronic (NYSE:MDT) last announced 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. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter last year, the business posted $1.46 earnings per share. The firm’s revenue was up 3.9% compared to the same quarter last year. On average, research analysts predict that Medtronic plc will post 5.46 EPS 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 given 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 3.25%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is currently 78.45%.

Analyst Ratings Changes

Several analysts have commented on the company. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Wall Street Zen downgraded Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Royal Bank of Canada decreased their target price on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Robert W. Baird decreased their target price on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Finally, Mizuho decreased their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Nine 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price 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.