Medtronic plc (NYSE:MDT) Shares Sold by Sanibel Captiva Trust Company Inc.

Sanibel Captiva Trust Company Inc. decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 3.3% during the first quarter, Holdings Channel.com reports. The fund owned 88,937 shares of the medical technology company’s stock after selling 2,999 shares during the period. Sanibel Captiva Trust Company Inc.’s holdings in Medtronic were worth $7,992,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Central Valley Advisors LLC raised its holdings in shares of Medtronic by 12.6% in the first quarter. Central Valley Advisors LLC now owns 17,339 shares of the medical technology company’s stock worth $1,558,000 after buying an additional 1,937 shares during the last quarter. Avanza Fonder AB acquired a new position in shares of Medtronic in the 1st quarter valued at $10,881,000. Sonora Investment Management Group LLC increased its position in shares of Medtronic by 6.3% in the 1st quarter. Sonora Investment Management Group LLC now owns 136,737 shares of the medical technology company’s stock valued at $12,287,000 after acquiring an additional 8,074 shares during the period. Accurate Wealth Management LLC raised its stake in Medtronic by 16.2% in the 1st quarter. Accurate Wealth Management LLC now owns 5,138 shares of the medical technology company’s stock worth $426,000 after acquiring an additional 717 shares during the last quarter. Finally, Fiduciary Financial Group LLC lifted its position in Medtronic by 70.8% during the 1st quarter. Fiduciary Financial Group LLC now owns 5,950 shares of the medical technology company’s stock worth $491,000 after acquiring an additional 2,466 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Up 0.0%

MDT stock opened at $87.46 on Tuesday. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a market cap of $112.18 billion, a P/E ratio of 26.58, a PEG ratio of 2.22 and a beta of 0.79. The company’s 50-day simple moving average is $83.89 and its 200-day simple moving average is $86.20.

Medtronic (NYSE:MDT) last released its quarterly earnings results 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. The company had revenue of $8.93 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.46 EPS. As a group, equities analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a $0.71 dividend. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.25%. Medtronic’s dividend payout ratio (DPR) is 78.45%.

Wall Street Analysts Forecast Growth

MDT has been the subject of several research analyst reports. Wall Street Zen cut Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Mizuho cut their price objective on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research note 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. Finally, UBS Group upped their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Moderate Buy” and an average 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.