Medtronic PLC (NYSE:MDT) Shares Sold by Silverlake Wealth Management LLC

Silverlake Wealth Management LLC reduced its stake in shares of Medtronic PLC (NYSE:MDT) by 12.1% during the first quarter, Holdings Channel.com reports. The firm owned 5,408 shares of the medical technology company’s stock after selling 744 shares during the period. Silverlake Wealth Management LLC’s holdings in Medtronic were worth $486,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. TCTC Holdings LLC increased its stake in Medtronic by 3.4% in the 4th quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company’s stock worth $3,173,000 after purchasing an additional 1,301 shares in the last quarter. Brighton Jones LLC lifted its holdings in shares of Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after buying an additional 37,265 shares during the last quarter. Oxford Asset Management LLP lifted its holdings in Medtronic by 70.1% in the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company’s stock worth $594,000 after purchasing an additional 3,068 shares during the last quarter. New Vernon Investment Management LLC lifted its holdings in Medtronic by 304.9% in the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company’s stock worth $2,425,000 after purchasing an additional 22,300 shares during the last quarter. Finally, Insight Inv LLC lifted its holdings in Medtronic by 84.2% in the 1st quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company’s stock worth $2,467,000 after purchasing an additional 12,550 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Up 1.1%

Shares of NYSE:MDT opened at $88.63 on Wednesday. The stock’s 50-day moving average is $85.45 and its 200 day moving average is $86.69. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The company has a market cap of $113.67 billion, a PE ratio of 24.48, a P/E/G ratio of 2.37 and a beta of 0.80. Medtronic PLC has a 1 year low of $75.96 and a 1 year high of $96.25.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.46 EPS. Sell-side analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.20%. This is a boost from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic’s dividend payout ratio is 78.45%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MDT shares. 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 research report on Thursday, May 22nd. Leerink Partners began coverage on Medtronic in a report on Monday, June 16th. They set an “outperform” rating and a $110.00 target price on the stock. Wolfe Research upgraded Medtronic from an “underperform” rating to a “peer perform” rating in a report on Monday, June 30th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Finally, Leerink Partnrs raised Medtronic to a “strong-buy” rating in a research report on Monday, June 16th. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $98.00.

Medtronic Company 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.