Medtronic plc (NYSE:MDT) Shares Bought by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC grew its stake in Medtronic plc (NYSE:MDT) by 45.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 39,490 shares of the medical technology company’s stock after acquiring an additional 12,345 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Medtronic were worth $3,441,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Boyar Asset Management Inc. lifted its position in shares of Medtronic by 2.6% during the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after purchasing an additional 120 shares in the last quarter. Hall Laurie J Trustee boosted its position in Medtronic by 0.3% in the 1st quarter. Hall Laurie J Trustee now owns 44,015 shares of the medical technology company’s stock valued at $3,835,000 after buying an additional 125 shares during the last quarter. Quent Capital LLC lifted its stake in shares of Medtronic by 8.0% during the first quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock valued at $146,000 after acquiring an additional 125 shares during the period. Marino Stram & Associates LLC boosted its holdings in Medtronic by 1.8% in the fourth quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock valued at $587,000 after acquiring an additional 126 shares during the last quarter. Finally, Angeles Investment Advisors LLC increased its position in Medtronic by 1.0% in the fourth quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock worth $1,046,000 after purchasing an additional 128 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MDT. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. The Goldman Sachs Group assumed 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. UBS Group raised their price objective on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, May 24th. Citigroup cut their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Finally, Truist Financial dropped their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday, May 24th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Medtronic presently has an average rating of “Hold” and an average target price of $91.09.

Medtronic Trading Down 1.1 %

Shares of MDT stock traded down $0.84 during trading hours on Monday, hitting $77.11. 3,352,637 shares of the company’s stock traded hands, compared to its average volume of 6,272,889. The stock has a market cap of $98.88 billion, a PE ratio of 28.35, a price-to-earnings-growth ratio of 2.27 and a beta of 0.82. The stock’s 50 day simple moving average is $81.20 and its 200 day simple moving average is $83.19. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00.

Medtronic (NYSE:MDT) last issued its quarterly 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 firm had revenue of $8.59 billion for 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 company’s revenue was up .5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.57 earnings per share. On average, sell-side analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given 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 yield of 3.63%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is presently 101.82%.

Insider Buying and Selling

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction on Friday, June 7th. The stock was 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 $12,008,261.96. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.30% of the stock is currently owned by corporate insiders.

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.