Raymond James Trust N.A. Buys 2,736 Shares of Medtronic plc (NYSE:MDT)

Raymond James Trust N.A. raised its stake in shares of Medtronic plc (NYSE:MDT) by 2.0% in the second quarter, Holdings Channel reports. The institutional investor owned 137,209 shares of the medical technology company’s stock after buying an additional 2,736 shares during the quarter. Raymond James Trust N.A.’s holdings in Medtronic were worth $10,800,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. MeadowBrook Investment Advisors LLC purchased a new position in shares of Medtronic during the 4th quarter valued at $27,000. LifeSteps Financial Inc. bought a new stake in shares of Medtronic during the 1st quarter valued at about $27,000. Lynx Investment Advisory purchased a new position in Medtronic in the 2nd quarter worth approximately $28,000. Tributary Capital Management LLC purchased a new position in Medtronic in the 1st quarter worth approximately $33,000. Finally, Fortis Group Advisors LLC increased its holdings in shares of Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after buying an additional 230 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on MDT shares. Stifel Nicolaus lifted their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday. Barclays upped their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday. Oppenheimer increased their target price on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday. Truist Financial upped their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday. Finally, The Goldman Sachs Group assumed coverage on Medtronic in a 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, nine have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Medtronic currently has an average rating of “Hold” and an average target price of $92.92.

Insider Buying and Selling at Medtronic

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

Medtronic Stock Up 0.6 %

MDT stock traded up $0.52 during midday trading on Friday, hitting $88.35. The stock had a trading volume of 4,843,533 shares, compared to its average volume of 6,307,863. The business has a 50-day moving average of $80.48 and a two-hundred day moving average of $82.28. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. The firm has a market cap of $113.29 billion, a price-to-earnings ratio of 32.13, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $89.24.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter last year, the firm earned $1.20 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is presently 101.82%.

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.