Beese Fulmer Investment Management Inc. Has $532,000 Holdings in Medtronic plc (NYSE:MDT)

Beese Fulmer Investment Management Inc. cut its holdings in Medtronic plc (NYSE:MDT) by 24.6% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 6,109 shares of the medical technology company’s stock after selling 1,993 shares during the quarter. Beese Fulmer Investment Management Inc.’s holdings in Medtronic were worth $532,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Medtronic during the fourth quarter worth $1,229,726,000. First Eagle Investment Management LLC grew its stake in Medtronic by 54.5% in the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock valued at $775,169,000 after purchasing an additional 3,320,800 shares during the period. Morgan Stanley grew its stake in Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after purchasing an additional 1,994,123 shares during the period. Pzena Investment Management LLC grew its stake in Medtronic by 30.9% in the 4th quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock valued at $617,896,000 after purchasing an additional 1,769,985 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in Medtronic by 145.4% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock valued at $195,431,000 after purchasing an additional 1,405,978 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MDT. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, June 5th. Truist Financial reduced their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday, May 24th. Wells Fargo & Company upped their price objective on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Mizuho upped their price target on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Finally, Oppenheimer upped their price target on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $93.00.

Insider Activity

In other news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Geoffrey Martha sold 19,113 shares of the firm’s 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 transaction, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT opened at $79.75 on Thursday. The business’s 50-day moving average price is $81.82 and its two-hundred day moving average price is $83.49. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.00. The stock has a market cap of $105.89 billion, a P/E ratio of 29.00, a PEG ratio of 2.32 and a beta of 0.83. 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 (NYSE:MDT) last released its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating 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 analysts’ expectations of $8.44 billion. During the same quarter last year, the firm posted $1.57 EPS. The company’s revenue was up .5% compared to the same quarter last year. As a group, equities analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, June 28th. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a dividend yield of 3.51%. Medtronic’s dividend payout ratio is 100.36%.

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.