First Foundation Advisors Reduces Stock Holdings in Medtronic plc (NYSE:MDT)

First Foundation Advisors decreased its position in Medtronic plc (NYSE:MDT) by 5.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,816 shares of the medical technology company’s stock after selling 575 shares during the quarter. First Foundation Advisors’ holdings in Medtronic were worth $943,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in MDT. Norges Bank bought a new position in Medtronic in the fourth quarter worth $1,229,726,000. First Eagle Investment Management LLC increased its holdings in shares of Medtronic by 54.5% during the fourth quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock valued at $775,169,000 after acquiring an additional 3,320,800 shares in the last quarter. M&G Plc bought a new position in shares of Medtronic during the first quarter valued at $259,160,000. Pzena Investment Management LLC increased its holdings in shares of Medtronic by 30.9% during the fourth quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock valued at $617,896,000 after acquiring an additional 1,769,985 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in shares of Medtronic by 145.4% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock valued at $195,431,000 after acquiring an additional 1,405,978 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MDT shares. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Truist Financial reduced their price target on Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a report on Tuesday, July 16th. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday. Wells Fargo & Company increased their price objective on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Finally, Citigroup dropped their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and an average target price of $90.90.

Insider Activity

In other news, CEO Geoffrey Martha sold 19,113 shares of Medtronic 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 transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT traded down $1.73 on Friday, hitting $79.48. The stock had a trading volume of 9,292,752 shares, compared to its average volume of 6,365,736. The stock has a market cap of $101.91 billion, a price-to-earnings ratio of 28.90, a price-to-earnings-growth ratio of 2.32 and a beta of 0.82. 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 business’s 50-day simple moving average is $80.93 and its two-hundred day simple moving average is $83.07. Medtronic plc has a 52-week low of $68.84 and a 52-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 (EPS) 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 for the quarter, compared to analysts’ expectations of $8.44 billion. During the same period last year, the firm posted $1.57 earnings per share. The business’s revenue for the quarter was up .5% on a year-over-year basis. As a group, research analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were 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 3.52%. The ex-dividend date was Friday, June 28th. Medtronic’s payout ratio is presently 101.82%.

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.