Charter Oak Capital Management LLC Sells 210 Shares of Medtronic plc (NYSE:MDT)

Charter Oak Capital Management LLC reduced its position in Medtronic plc (NYSE:MDT) by 1.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,687 shares of the medical technology company’s stock after selling 210 shares during the period. Charter Oak Capital Management LLC’s holdings in Medtronic were worth $1,589,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Burkett Financial Services LLC boosted its stake in shares of Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after buying an additional 185 shares during the last quarter. Mainstream Capital Management LLC purchased a new position in Medtronic during the fourth quarter valued at $26,000. Rakuten Securities Inc. lifted its position in Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new position in Medtronic during the fourth quarter valued at $27,000. Finally, Optiver Holding B.V. purchased a new position in Medtronic during the fourth quarter valued at $31,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

MDT opened at $87.38 on Friday. 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 $112.07 billion, a PE ratio of 26.56, a P/E/G ratio of 2.22 and a beta of 0.79. The firm has a 50 day moving average of $83.92 and a two-hundred day moving average of $86.18.

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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 12.83% and a return on equity of 14.07%. The business had revenue of $8.93 billion for the quarter, compared to analysts’ expectations of $8.81 billion. During the same quarter last year, the company earned $1.46 EPS. The business’s revenue was up 3.9% on a year-over-year basis. On average, analysts anticipate 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. Shareholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.25%. Medtronic’s dividend payout ratio is 78.45%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MDT. Wall Street Zen downgraded Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Mizuho lowered their price objective on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Robert W. Baird lowered their price objective on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Friday. Finally, Truist Financial reduced their price objective on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Nine research 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.