Willis Investment Counsel Decreases Position in Medtronic plc (NYSE:MDT)

Willis Investment Counsel cut its position in Medtronic plc (NYSE:MDT) by 0.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 352,538 shares of the medical technology company’s stock after selling 1,149 shares during the period. Medtronic makes up about 2.1% of Willis Investment Counsel’s investment portfolio, making the stock its 11th largest holding. Willis Investment Counsel’s holdings in Medtronic were worth $31,679,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Rockland Trust Co. raised its holdings in shares of Medtronic by 1.9% during the first quarter. Rockland Trust Co. now owns 16,084 shares of the medical technology company’s stock valued at $1,445,000 after purchasing an additional 303 shares during the last quarter. Allen Mooney & Barnes Investment Advisors LLC raised its holdings in shares of Medtronic by 5.0% during the first quarter. Allen Mooney & Barnes Investment Advisors LLC now owns 134,308 shares of the medical technology company’s stock valued at $12,069,000 after purchasing an additional 6,360 shares during the last quarter. Ferguson Wellman Capital Management Inc. grew its position in Medtronic by 7.1% during the first quarter. Ferguson Wellman Capital Management Inc. now owns 110,113 shares of the medical technology company’s stock valued at $9,895,000 after buying an additional 7,309 shares during the period. Greenwood Capital Associates LLC grew its position in Medtronic by 15.9% during the first quarter. Greenwood Capital Associates LLC now owns 111,645 shares of the medical technology company’s stock valued at $10,032,000 after buying an additional 15,281 shares during the period. Finally, Fifth Third Bancorp grew its position in Medtronic by 3.8% during the first quarter. Fifth Third Bancorp now owns 198,673 shares of the medical technology company’s stock valued at $17,853,000 after buying an additional 7,205 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT stock opened at $88.47 on Friday. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. The company’s fifty day moving average price is $84.10 and its 200-day moving average price is $86.25. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company has a market capitalization of $113.47 billion, a PE ratio of 26.89, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping 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 firm had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the previous year, the firm earned $1.46 earnings per share. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. On average, equities 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 given a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.21%. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is 78.45%.

Wall Street Analysts Forecast Growth

MDT has been the subject of several recent research reports. 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. Royal Bank of Canada cut their target price on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company 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, June 6th. Wall Street Zen lowered shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Finally, Truist Financial cut their target price on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average 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.