Medtronic plc (NYSE:MDT) Shares Sold by Palouse Capital Management Inc.

Palouse Capital Management Inc. decreased its holdings in Medtronic plc (NYSE:MDT) by 0.7% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 30,414 shares of the medical technology company’s stock after selling 221 shares during the period. Medtronic makes up about 1.9% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 20th largest position. Palouse Capital Management Inc.’s holdings in Medtronic were worth $2,733,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Opal Wealth Advisors LLC purchased a new position in Medtronic in the first quarter valued at approximately $75,000. Hennessy Advisors Inc. raised its holdings in Medtronic by 9.5% in the first quarter. Hennessy Advisors Inc. now owns 62,100 shares of the medical technology company’s stock valued at $5,580,000 after buying an additional 5,400 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in Medtronic by 11.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 531,059 shares of the medical technology company’s stock valued at $47,721,000 after buying an additional 53,340 shares during the period. Tritonpoint Wealth LLC raised its holdings in Medtronic by 20.1% in the first quarter. Tritonpoint Wealth LLC now owns 6,680 shares of the medical technology company’s stock valued at $605,000 after buying an additional 1,118 shares during the period. Finally, Goldstone Financial Group LLC purchased a new position in Medtronic in the first quarter valued at approximately $287,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

MDT has been the topic of several research reports. Wall Street Zen lowered shares of Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Mizuho dropped their price objective on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Truist Financial dropped their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Finally, UBS Group lifted their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $97.00.

Medtronic Stock Down 1.5%

Shares of NYSE:MDT opened at $87.19 on Friday. The firm has a market cap of $111.83 billion, a PE ratio of 26.50, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The company has a fifty day simple moving average of $84.21 and a 200 day simple moving average of $86.26. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25.

Medtronic (NYSE:MDT) last released 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. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.46 earnings per share. On average, equities research analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed 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 represents a $2.84 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date is Friday, June 27th. This is an increase from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is currently 78.45%.

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.