Summit Financial Strategies Inc. Has $235,000 Stake in Medtronic plc (NYSE:MDT)

Summit Financial Strategies Inc. lowered its holdings in shares of Medtronic plc (NYSE:MDT) by 8.7% during the second quarter, Holdings Channel reports. The institutional investor owned 2,992 shares of the medical technology company’s stock after selling 285 shares during the quarter. Summit Financial Strategies Inc.’s holdings in Medtronic were worth $235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Equity Investment Corp raised its stake in shares of Medtronic by 27.9% in the fourth quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock valued at $110,478,000 after acquiring an additional 292,459 shares during the last quarter. Loudon Investment Management LLC raised its position in Medtronic by 9.5% in the 4th quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock valued at $786,000 after purchasing an additional 874 shares during the last quarter. Chemung Canal Trust Co. boosted its stake in Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after purchasing an additional 44,846 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Medtronic during the second quarter worth $25,643,000. Finally, Apollon Wealth Management LLC increased its stake in shares of Medtronic by 43.0% in the fourth quarter. Apollon Wealth Management LLC now owns 50,804 shares of the medical technology company’s stock valued at $4,185,000 after buying an additional 15,265 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Up 1.1 %

NYSE:MDT traded up $0.95 during mid-day trading on Friday, hitting $84.60. The company had a trading volume of 5,374,797 shares, compared to its average volume of 6,239,440. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $89.18. The firm has a market cap of $108.48 billion, a P/E ratio of 30.76, a P/E/G ratio of 2.35 and a beta of 0.82. The business’s fifty day moving average is $80.00 and its two-hundred day moving average is $82.34.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $8.44 billion. During the same quarter last year, the firm earned $1.57 EPS. Medtronic’s quarterly revenue was up .5% compared to the same quarter last year. As a group, research analysts expect that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.31%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is presently 101.82%.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of research analyst reports. Citigroup decreased their price objective on shares of 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 reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, July 17th. Stifel Nicolaus cut shares of Medtronic from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $100.00 to $85.00 in a research report on Wednesday. Truist Financial decreased their price objective on Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, July 16th. Finally, The Goldman Sachs Group initiated coverage on Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price for the company. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $91.30.

Insider Buying and Selling 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 stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the sale, 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 document filed with the SEC, which is available through the SEC website. Insiders own 0.30% of the company’s stock.

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.