Barry Investment Advisors LLC Cuts Stock Position in Medtronic plc (NYSE:MDT)

Barry Investment Advisors LLC decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 5.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 8,304 shares of the medical technology company’s stock after selling 450 shares during the period. Barry Investment Advisors LLC’s holdings in Medtronic were worth $724,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of MDT. Fortitude Family Office LLC purchased a new stake in shares of Medtronic during the fourth quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. grew its stake 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 during the last quarter. MeadowBrook Investment Advisors LLC purchased a new stake in shares of Medtronic during the fourth quarter worth about $27,000. Financial Gravity Asset Management Inc. grew its stake 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 during the last quarter. Finally, Fortis Group Advisors LLC grew its stake 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 during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT stock traded up $0.08 during trading hours on Friday, hitting $78.71. 8,917,219 shares of the company’s stock were exchanged, compared to its average volume of 6,371,193. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The firm has a market cap of $100.93 billion, a P/E ratio of 28.62, a P/E/G ratio of 2.29 and a beta of 0.83. The firm has a 50 day moving average of $81.85 and a two-hundred day moving average of $83.53. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week 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, topping 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 business had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same period in the prior year, the company posted $1.57 EPS. The business’s quarterly revenue was up .5% on a year-over-year basis. Sell-side analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a $0.70 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.56%. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio is currently 100.36%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MDT. Wells Fargo & Company upped their target price on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, June 5th. Truist Financial dropped their target price on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research report on Friday, May 24th. UBS Group upped their target price on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, May 24th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $93.00.

Insider Activity at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of the stock in a transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction 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 sale, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 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 value of $1,601,096.01. Following the completion of the sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

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.