Biltmore Wealth Management LLC Sells 669 Shares of Medtronic plc (NYSE:MDT)

Biltmore Wealth Management LLC cut its holdings in Medtronic plc (NYSE:MDT) by 9.4% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 6,415 shares of the medical technology company’s stock after selling 669 shares during the period. Biltmore Wealth Management LLC’s holdings in Medtronic were worth $505,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. LifeSteps Financial Inc. bought a new position in shares of Medtronic during the 1st quarter valued at $27,000. MeadowBrook Investment Advisors LLC bought a new position in shares of Medtronic during the 4th quarter valued at $27,000. Lynx Investment Advisory bought a new position in shares of Medtronic during the 2nd quarter valued at $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic during the 1st quarter valued at $33,000. Finally, Riverview Trust Co bought a new position in shares of Medtronic during the 1st quarter valued at $39,000. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

MDT stock traded down $0.17 during trading on Friday, reaching $82.04. The company’s stock had a trading volume of 3,094,299 shares, compared to its average volume of 6,274,704. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $89.18. 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 company has a market capitalization of $105.20 billion, a P/E ratio of 29.83, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. The company’s fifty day moving average is $80.02 and its 200-day moving average is $82.45.

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

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were issued a $0.70 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date was Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.41%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Citigroup lowered their price target on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, July 17th. Truist Financial decreased their target price on Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Tuesday, July 16th. Wells Fargo & Company raised their target price on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Finally, The Goldman Sachs Group began coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average price target of $90.90.

Insider Activity at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is owned by 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.