MONECO Advisors LLC Cuts Stake in Medtronic plc (NYSE:MDT)

MONECO Advisors LLC reduced its stake in Medtronic plc (NYSE:MDT) by 5.5% during the fourth quarter, HoldingsChannel reports. The fund owned 6,020 shares of the medical technology company’s stock after selling 353 shares during the period. MONECO Advisors LLC’s holdings in Medtronic were worth $496,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Boyar Asset Management Inc. grew its stake in shares of Medtronic by 2.6% in the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after acquiring an additional 120 shares during the last quarter. Marino Stram & Associates LLC boosted its position in shares of Medtronic by 1.8% during the fourth quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock valued at $587,000 after buying an additional 126 shares during the last quarter. Angeles Investment Advisors LLC boosted its position in shares of Medtronic by 1.0% during the fourth quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock valued at $1,046,000 after buying an additional 128 shares during the last quarter. Rogco LP boosted its position in shares of Medtronic by 1.9% during the fourth quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock valued at $561,000 after buying an additional 129 shares during the last quarter. Finally, Verity Asset Management Inc. boosted its position in shares of Medtronic by 4.3% during the fourth quarter. Verity Asset Management Inc. now owns 3,194 shares of the medical technology company’s stock valued at $263,000 after buying an additional 132 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on MDT. Truist Financial dropped their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research report on Friday, May 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, June 5th. UBS Group increased their price objective on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, May 24th. Mizuho increased their price objective on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. 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 equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $93.00.

Medtronic Stock Down 1.3 %

NYSE MDT opened at $79.95 on Tuesday. The stock’s 50-day moving average price is $81.95 and its 200-day moving average price is $83.51. 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 52 week low of $68.84 and a 52 week high of $91.00. The company has a market capitalization of $106.16 billion, a P/E ratio of 29.07, a price-to-earnings-growth ratio of 2.36 and a beta of 0.83.

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

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.50%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio (DPR) is 100.36%.

Insider Transactions at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction that occurred 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 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 disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Medtronic Company 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.