Medtronic plc (NYSE:MDT) Shares Purchased by Albion Financial Group UT

Albion Financial Group UT lifted its stake in Medtronic plc (NYSE:MDT) by 10.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,558 shares of the medical technology company’s stock after purchasing an additional 1,887 shares during the period. Albion Financial Group UT’s holdings in Medtronic were worth $1,792,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MDT. Waverly Advisors LLC purchased a new position in Medtronic during the 3rd quarter valued at about $257,000. Axxcess Wealth Management LLC grew its holdings in shares of Medtronic by 62.9% during the third quarter. Axxcess Wealth Management LLC now owns 21,652 shares of the medical technology company’s stock worth $1,697,000 after buying an additional 8,361 shares in the last quarter. Alps Advisors Inc. grew its holdings in shares of Medtronic by 7.4% during the third quarter. Alps Advisors Inc. now owns 330,824 shares of the medical technology company’s stock worth $25,923,000 after buying an additional 22,727 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in shares of Medtronic by 17.6% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,323,530 shares of the medical technology company’s stock worth $103,712,000 after buying an additional 198,000 shares in the last quarter. Finally, Eubel Brady & Suttman Asset Management Inc. grew its holdings in shares of Medtronic by 1.5% during the third quarter. Eubel Brady & Suttman Asset Management Inc. now owns 299,948 shares of the medical technology company’s stock worth $23,504,000 after buying an additional 4,577 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Down 0.3 %

MDT stock traded down $0.20 during midday trading on Wednesday, reaching $77.17. 2,838,397 shares of the company’s stock traded hands, compared to its average volume of 6,318,653. The company has a market capitalization of $98.95 billion, a P/E ratio of 28.10, a PEG ratio of 2.29 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. The business has a 50-day moving average price of $81.71 and a two-hundred day moving average price of $83.45.

Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. During the same period in the previous year, the company posted $1.57 earnings per share. The business’s revenue for the quarter was up .5% compared to the same quarter last year. Equities 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. Stockholders of record on Friday, June 28th will be given a dividend of $0.70 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date is Friday, June 28th. Medtronic’s payout ratio is presently 101.82%.

Insider Transactions at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of the business’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 transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Geoffrey Martha sold 19,113 shares of the business’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 sale, the chief executive officer now 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. Corporate insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on MDT. Truist Financial lowered their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a report on Friday, May 24th. UBS Group lifted their price target on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. The Goldman Sachs Group started coverage on shares of Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, June 5th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $91.70.

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.