Interchange Capital Partners LLC Boosts Stock Position in Medtronic plc (NYSE:MDT)

Interchange Capital Partners LLC raised its holdings in Medtronic plc (NYSE:MDT) by 23.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,950 shares of the medical technology company’s stock after buying an additional 934 shares during the quarter. Interchange Capital Partners LLC’s holdings in Medtronic were worth $390,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Essex Financial Services Inc. raised its stake in Medtronic by 18.6% in the 2nd quarter. Essex Financial Services Inc. now owns 14,003 shares of the medical technology company’s stock worth $1,112,000 after acquiring an additional 2,194 shares during the last quarter. Aptus Capital Advisors LLC boosted its holdings in shares of Medtronic by 21.5% in the 2nd quarter. Aptus Capital Advisors LLC now owns 10,013 shares of the medical technology company’s stock valued at $788,000 after acquiring an additional 1,774 shares during the last quarter. Spinnaker Trust increased its stake in shares of Medtronic by 0.8% in the second quarter. Spinnaker Trust now owns 24,646 shares of the medical technology company’s stock worth $1,940,000 after acquiring an additional 200 shares during the period. Evexia Wealth LLC lifted its position in Medtronic by 4.9% during the second quarter. Evexia Wealth LLC now owns 32,998 shares of the medical technology company’s stock valued at $2,617,000 after purchasing an additional 1,539 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in Medtronic by 15.4% in the second quarter. Farther Finance Advisors LLC now owns 33,790 shares of the medical technology company’s stock valued at $2,606,000 after purchasing an additional 4,519 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.

Medtronic Price Performance

Shares of Medtronic stock traded up $0.39 during trading hours on Friday, reaching $88.58. 7,940,126 shares of the company’s stock were exchanged, compared to its average volume of 5,969,357. The company has a market capitalization of $113.60 billion, a P/E ratio of 32.21, a price-to-earnings-growth ratio of 2.52 and a beta of 0.82. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $90.13. The business has a fifty day moving average of $81.32 and a two-hundred day moving average of $82.43. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the company posted $1.20 EPS. The company’s revenue was up 3.4% compared to the same quarter last year. As a group, research analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.16%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Analyst Ratings Changes

A number of research firms have weighed in on MDT. Wells Fargo & Company lifted their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Citigroup decreased their price target on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Piper Sandler raised their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Stifel Nicolaus boosted their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Finally, Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Medtronic has an average rating of “Hold” and an average target price of $92.92.

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.