Bright Futures Wealth Management LLC. Makes New $293,000 Investment in Medtronic plc (NYSE:MDT)

Bright Futures Wealth Management LLC. bought a new position in Medtronic plc (NYSE:MDT) in the 1st quarter, Holdings Channel.com reports. The fund bought 3,690 shares of the medical technology company’s stock, valued at approximately $293,000.

Other institutional investors and hedge funds have also modified their holdings of the company. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Medtronic in the fourth quarter worth $27,000. LifeSteps Financial Inc. acquired a new stake in shares of Medtronic in the first quarter worth $27,000. Tributary Capital Management LLC acquired a new stake in shares of Medtronic in the first quarter worth $33,000. Fortis Group Advisors LLC raised its stake in Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares during the last quarter. Finally, Hartford Financial Management Inc. raised its stake in Medtronic by 52.1% during the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock valued at $39,000 after purchasing an additional 164 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MDT has been the subject of several research analyst reports. The Goldman Sachs Group initiated coverage on shares of Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 target price for the company. Truist Financial dropped their price objective on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, July 16th. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, July 17th. Citigroup dropped their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, UBS Group increased their price objective on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research note on Friday, May 24th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus target price of $90.90.

Medtronic Trading Up 1.3 %

Shares of NYSE MDT traded up $1.02 during mid-day trading on Friday, hitting $81.51. The company’s stock had a trading volume of 5,057,940 shares, compared to its average volume of 6,335,373. The stock has a market cap of $104.52 billion, a price-to-earnings ratio of 29.64, a price-to-earnings-growth ratio of 2.35 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 one year low of $68.84 and a one year high of $89.18. The company’s fifty day simple moving average is $80.04 and its 200-day simple moving average is $82.64.

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

Medtronic Increases Dividend

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

Insider Activity at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

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.