Medtronic plc (NYSE:MDT) Shares Sold by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp lowered its holdings in Medtronic plc (NYSE:MDT) by 33.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,774 shares of the medical technology company’s stock after selling 1,912 shares during the period. Atlantic Union Bankshares Corp’s holdings in Medtronic were worth $329,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in MDT. Dark Forest Capital Management LP grew its stake in shares of Medtronic by 45.8% in the third quarter. Dark Forest Capital Management LP now owns 4,626 shares of the medical technology company’s stock valued at $362,000 after buying an additional 1,454 shares in the last quarter. Mather Group LLC. lifted its position in shares of Medtronic by 22.7% during the third quarter. Mather Group LLC. now owns 6,988 shares of the medical technology company’s stock worth $548,000 after purchasing an additional 1,295 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Medtronic by 69.3% in the third quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock valued at $3,172,000 after purchasing an additional 16,574 shares during the period. Cape Cod Five Cents Savings Bank acquired a new stake in Medtronic during the 3rd quarter valued at $199,000. Finally, Rehmann Capital Advisory Group increased its stake in Medtronic by 16.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 18,349 shares of the medical technology company’s stock worth $1,438,000 after buying an additional 2,588 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on MDT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, June 5th. The Goldman Sachs Group initiated coverage on shares of Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price for the company. Wells Fargo & Company increased their price target on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Finally, Truist Financial lowered their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a report on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $93.00.

Insider Buying and Selling at Medtronic

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

Medtronic Stock Performance

Shares of MDT traded up $0.08 during mid-day trading on Friday, reaching $78.71. 8,829,682 shares of the company’s stock traded hands, compared to its average volume of 6,333,922. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The business’s 50-day moving average price is $81.85 and its 200-day moving average price is $83.50. The stock has a market capitalization of $100.93 billion, a P/E ratio of 28.62, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00.

Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the previous year, the business earned $1.57 EPS. The firm’s revenue for the quarter was up .5% on a year-over-year basis. Equities analysts predict 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. Investors of record on Friday, June 28th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.56%. 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 currently 100.36%.

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.