Fort Washington Investment Advisors Inc. OH Sells 127,166 Shares of Medtronic plc (NYSE:MDT)

Fort Washington Investment Advisors Inc. OH lessened its position in shares of Medtronic plc (NYSE:MDT) by 4.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,678,243 shares of the medical technology company’s stock after selling 127,166 shares during the period. Medtronic makes up approximately 1.5% of Fort Washington Investment Advisors Inc. OH’s investment portfolio, making the stock its 15th largest position. Fort Washington Investment Advisors Inc. OH’s holdings in Medtronic were worth $240,667,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Burkett Financial Services LLC lifted its holdings in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 185 shares during the last quarter. Mainstream Capital Management LLC acquired a new position in Medtronic in the 4th quarter valued at $26,000. Rakuten Securities Inc. increased its position in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after buying an additional 294 shares during the period. Wood Tarver Financial Group LLC acquired a new stake in shares of Medtronic during the fourth quarter worth $27,000. Finally, Optiver Holding B.V. acquired a new stake in shares of Medtronic during the fourth quarter worth $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MDT shares. Royal Bank of Canada decreased their price target on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Truist Financial cut their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. UBS Group increased their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Finally, Wall Street Zen cut Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. Nine equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $97.00.

Medtronic Stock Performance

Shares of Medtronic stock opened at $88.01 on Thursday. 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 company has a market cap of $112.88 billion, a PE ratio of 26.75, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The company has a 50 day moving average of $83.99 and a 200-day moving average of $86.23. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the previous year, the business earned $1.46 earnings per share. The company’s revenue was up 3.9% on a year-over-year basis. As a group, equities research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.23%. This is a boost from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s 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.