HighPoint Advisor Group LLC Purchases Shares of 12,488 Medtronic plc (NYSE:MDT)

HighPoint Advisor Group LLC purchased a new stake in Medtronic plc (NYSE:MDT) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 12,488 shares of the medical technology company’s stock, valued at approximately $1,040,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fortitude Family Office LLC bought a new stake in Medtronic in the fourth quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. increased its position in shares of Medtronic by 293.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 236,064 shares in the last quarter. MeadowBrook Investment Advisors LLC bought a new stake in shares of Medtronic during the fourth quarter worth about $27,000. Financial Gravity Asset Management Inc. increased its position in shares of Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after acquiring an additional 279 shares in the last quarter. Finally, Fortis Group Advisors LLC increased its position in shares of Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 230 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the transaction, the chief executive officer now owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on MDT. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, June 5th. Mizuho boosted their price target on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Wells Fargo & Company boosted their price target on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Truist Financial cut their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday, May 24th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average target price of $93.00.

Medtronic Stock Performance

Shares of NYSE MDT traded up $0.12 during midday trading on Tuesday, hitting $80.07. The company’s stock had a trading volume of 176,239 shares, compared to its average volume of 6,200,939. The stock has a fifty day moving average price of $81.95 and a 200 day moving average price of $83.51. Medtronic plc has a one year low of $68.84 and a one year high of $91.00. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $106.32 billion, a price-to-earnings ratio of 29.07, a P/E/G ratio of 2.36 and a beta of 0.83.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.01. The company had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.57 earnings per share. On average, research analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date of this dividend is Friday, June 28th. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is 100.36%.

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.