Medtronic PLC (NYSE:MDT) Stake Boosted by Sabal Trust CO

Sabal Trust CO increased its position in shares of Medtronic PLC (NYSE:MDT) by 3.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 371,212 shares of the medical technology company’s stock after acquiring an additional 12,704 shares during the period. Medtronic comprises approximately 1.9% of Sabal Trust CO’s portfolio, making the stock its 15th biggest holding. Sabal Trust CO’s holdings in Medtronic were worth $33,357,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Creative Financial Designs Inc. ADV raised its stake in shares of Medtronic by 5.5% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 25,906 shares of the medical technology company’s stock worth $2,328,000 after purchasing an additional 1,347 shares in the last quarter. Value Partners Investments Inc. acquired a new position in Medtronic in the first quarter worth approximately $8,582,000. Aspetuck Financial Management LLC bought a new position in Medtronic during the first quarter valued at approximately $272,000. Phillips Wealth Planners LLC raised its position in Medtronic by 27.6% during the first quarter. Phillips Wealth Planners LLC now owns 7,323 shares of the medical technology company’s stock valued at $607,000 after acquiring an additional 1,586 shares in the last quarter. Finally, Perigon Wealth Management LLC lifted its stake in Medtronic by 7.5% in the first quarter. Perigon Wealth Management LLC now owns 13,735 shares of the medical technology company’s stock valued at $1,234,000 after acquiring an additional 953 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on MDT. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Wall Street Zen raised shares of Medtronic from a “hold” rating to a “buy” rating in a research report on Saturday, June 21st. Robert W. Baird reduced their price target on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Royal Bank Of Canada lowered their price objective on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. Finally, Leerink Partners assumed coverage on Medtronic in a research note on Monday, June 16th. They issued an “outperform” rating and a $110.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $97.87.

Medtronic Trading Down 0.0%

Shares of Medtronic stock opened at $86.05 on Thursday. Medtronic PLC has a 1 year low of $75.96 and a 1 year high of $96.25. The company’s fifty day simple moving average is $84.67 and its 200-day simple moving average is $86.29. The company has a market cap of $110.36 billion, a price-to-earnings ratio of 23.77, a PEG ratio of 2.32 and a beta of 0.79. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

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, beating analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the prior year, the firm earned $1.46 EPS. The business’s revenue was up 3.9% on a year-over-year basis. As a group, sell-side analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a $0.71 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.30%. Medtronic’s dividend payout ratio is 77.35%.

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.