Beach Investment Counsel Inc. PA Trims Stake in Medtronic plc (NYSE:MDT)

Beach Investment Counsel Inc. PA reduced its holdings in Medtronic plc (NYSE:MDT) by 6.8% during the first quarter, Holdings Channel.com reports. The fund owned 21,232 shares of the medical technology company’s stock after selling 1,550 shares during the quarter. Beach Investment Counsel Inc. PA’s holdings in Medtronic were worth $1,908,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Medtronic by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock worth $9,921,367,000 after purchasing an additional 754,395 shares during the last quarter. Capital Research Global Investors grew its stake in Medtronic by 1.8% in the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock worth $2,652,310,000 after buying an additional 571,700 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Medtronic by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock worth $2,155,085,000 after buying an additional 574,055 shares during the last quarter. Deutsche Bank AG raised its position in shares of Medtronic by 2.1% during the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company’s stock valued at $1,473,278,000 after buying an additional 372,168 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after buying an additional 2,333,600 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MDT shares. Robert W. Baird cut their target price on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Wall Street Zen lowered Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. Truist Financial cut their price objective on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Royal Bank of Canada decreased 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, Mizuho dropped their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. Nine analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.00.

Medtronic Trading Up 0.4%

MDT opened at $87.38 on Friday. The business has a 50 day simple moving average of $83.92 and a two-hundred day simple moving average of $86.18. The firm has a market capitalization of $112.07 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 2.22 and a beta of 0.79. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. Medtronic plc has a one year low of $75.96 and a one year high of $96.25.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.93 billion for the quarter, compared to analysts’ expectations of $8.81 billion. During the same period in the previous year, the firm earned $1.46 earnings per share. The business’s revenue was up 3.9% compared to the same quarter last year. Analysts predict 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. Investors of record on Friday, June 27th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.25%. This is a boost from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. Medtronic’s dividend payout ratio is presently 78.45%.

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.