Capital Asset Advisory Services LLC Reduces Stake in Medtronic plc (NYSE:MDT)

Capital Asset Advisory Services LLC lowered its holdings in Medtronic plc (NYSE:MDT) by 25.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,225 shares of the medical technology company’s stock after selling 1,081 shares during the quarter. Capital Asset Advisory Services LLC’s holdings in Medtronic were worth $273,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in MDT. Morgan Stanley grew its stake in Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after buying an additional 1,994,123 shares during the last quarter. Norges Bank purchased a new position in Medtronic during the 4th quarter worth approximately $1,229,726,000. Sanders Capital LLC grew its stake in Medtronic by 2.8% during the 4th quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock worth $1,040,802,000 after buying an additional 346,641 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Medtronic by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock worth $893,352,000 after buying an additional 101,111 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in Medtronic by 6.7% during the 3rd quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock worth $806,883,000 after buying an additional 649,367 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on MDT shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, June 5th. UBS Group increased their price objective on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. The Goldman Sachs Group started coverage on Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective for the company. Finally, Wells Fargo & Company increased their price objective on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $93.00.

Medtronic Stock Up 0.1 %

Shares of MDT traded up $0.08 during midday trading on Friday, reaching $78.71. 8,829,682 shares of the company were exchanged, compared to its average volume of 6,333,922. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.00. The stock has a 50-day moving average price of $81.85 and a 200-day moving average price of $83.50. The company has a market cap of $100.93 billion, a price-to-earnings ratio of 28.62, a P/E/G ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.45 by $0.01. The business had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company’s 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. Research analysts expect that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, June 28th. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a dividend yield of 3.56%. Medtronic’s dividend payout ratio is 100.36%.

Insider Activity

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

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.