Whittier Trust Co. Sells 1,293 Shares of Medtronic PLC (NYSE:MDT)

Whittier Trust Co. trimmed its holdings in shares of Medtronic PLC (NYSE:MDT) by 16.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,766 shares of the medical technology company’s stock after selling 1,293 shares during the quarter. Whittier Trust Co.’s holdings in Medtronic were worth $608,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC increased its position in Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock worth $3,194,000 after purchasing an additional 37,265 shares during the period. Harbour Investments Inc. raised its holdings in shares of Medtronic by 14.5% during the fourth quarter. Harbour Investments Inc. now owns 10,812 shares of the medical technology company’s stock valued at $864,000 after buying an additional 1,367 shares during the last quarter. Evoke Wealth LLC acquired a new position in Medtronic in the fourth quarter worth approximately $345,000. Generali Asset Management SPA SGR acquired a new stake in shares of Medtronic during the 4th quarter valued at $3,109,000. Finally, Teacher Retirement System of Texas lifted its stake in shares of Medtronic by 41.7% in the 4th quarter. Teacher Retirement System of Texas now owns 1,348,741 shares of the medical technology company’s stock valued at $107,737,000 after purchasing an additional 397,117 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the topic of several analyst reports. Leerink Partnrs upgraded shares of Medtronic to a “strong-buy” rating in a report on Monday, June 16th. William Blair upgraded shares of Medtronic to a “hold” rating in a research report on Friday, July 11th. Citigroup upped their price objective on shares of Medtronic from $98.00 to $99.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. Morgan Stanley restated an “overweight” rating and set a $107.00 price target (up previously from $98.00) on shares of Medtronic in a research report on Tuesday. Finally, Mizuho increased their price target on shares of Medtronic from $98.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday. Eleven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Medtronic presently has an average rating of “Moderate Buy” and an average price target of $98.19.

Medtronic Stock Down 0.2%

Shares of MDT opened at $89.61 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The firm has a market cap of $114.93 billion, a P/E ratio of 24.75, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. Medtronic PLC has a 52 week low of $78.32 and a 52 week high of $96.25. The firm’s 50-day simple moving average is $86.29 and its 200 day simple moving average is $87.06.

Medtronic (NYSE:MDT) last posted its quarterly 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. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. During the same period last year, the company posted $1.46 earnings per share. The business’s quarterly revenue was up 3.9% on a year-over-year basis. On average, analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.17%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. Medtronic’s dividend payout ratio is 78.45%.

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.