Armstrong Henry H Associates Inc. Sells 3,820 Shares of Medtronic plc (NYSE:MDT)

Armstrong Henry H Associates Inc. reduced its stake in Medtronic plc (NYSE:MDT) by 2.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 146,703 shares of the medical technology company’s stock after selling 3,820 shares during the quarter. Medtronic comprises 1.2% of Armstrong Henry H Associates Inc.’s holdings, making the stock its 11th largest position. Armstrong Henry H Associates Inc.’s holdings in Medtronic were worth $11,547,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. MeadowBrook Investment Advisors LLC acquired a new position in shares of Medtronic during the 4th quarter worth approximately $27,000. LifeSteps Financial Inc. acquired a new position in shares of Medtronic during the 1st quarter worth approximately $27,000. Tributary Capital Management LLC acquired a new position in shares of Medtronic during the 1st quarter worth approximately $33,000. Fortis Group Advisors LLC grew its position in shares of Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares in the last quarter. Finally, Hartford Financial Management Inc. grew its position in shares of Medtronic by 52.1% during the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock worth $39,000 after purchasing an additional 164 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Geoffrey Martha sold 19,113 shares of the firm’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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MDT. Truist Financial decreased their target price on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, July 16th. The Goldman Sachs Group began coverage on shares of Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, July 17th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Finally, Citigroup reduced their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $90.90.

Medtronic Price Performance

NYSE:MDT traded up $1.02 on Friday, hitting $81.51. The company had a trading volume of 5,057,940 shares, compared to its average volume of 6,335,373. The stock has a market capitalization of $104.52 billion, a price-to-earnings ratio of 29.64, a PEG ratio of 2.35 and a beta of 0.82. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The firm has a 50 day moving average of $80.04 and a two-hundred day moving average of $82.64. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $89.18.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating the consensus estimate of $1.45 by $0.01. The business had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The firm’s revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.57 EPS. On average, research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.44%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Medtronic 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.