Spectrum Asset Management Inc. NB CA Sells 233 Shares of Medtronic plc (NYSE:MDT)

Spectrum Asset Management Inc. NB CA cut its position in Medtronic plc (NYSE:MDT) by 0.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,061 shares of the medical technology company’s stock after selling 233 shares during the quarter. Medtronic comprises 1.7% of Spectrum Asset Management Inc. NB CA’s investment portfolio, making the stock its 25th biggest position. Spectrum Asset Management Inc. NB CA’s holdings in Medtronic were worth $3,718,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of MDT. Burkett Financial Services LLC lifted its position in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after purchasing an additional 185 shares during the last quarter. Mainstream Capital Management LLC bought a new stake in shares of Medtronic during the 4th quarter worth $26,000. Rakuten Securities Inc. grew its position in Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new position in Medtronic in the fourth quarter worth $27,000. Finally, Optiver Holding B.V. bought a new position in Medtronic in the fourth quarter valued at $31,000. 82.06% of the stock is owned by institutional investors.

Medtronic Trading Up 0.1%

Shares of Medtronic stock opened at $88.01 on Thursday. 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. The firm has a market capitalization of $112.88 billion, a price-to-earnings ratio of 26.75, a PEG ratio of 2.22 and a beta of 0.79. The firm’s 50 day simple moving average is $83.99 and its two-hundred day simple moving average is $86.23.

Medtronic (NYSE:MDT) last released its earnings results 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. The business had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.46 earnings per share. Analysts predict 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. Stockholders of record on Friday, June 27th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.23%. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio is 78.45%.

Analyst Upgrades and Downgrades

MDT has been the topic of several research reports. Royal Bank of Canada decreased their price target on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. UBS Group raised their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Wall Street Zen downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. Truist Financial reduced their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Finally, Mizuho dropped their price objective on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. 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 MarketBeat, the company currently has an average 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.