Marcum Wealth LLC Reduces Position in Medtronic plc (NYSE:MDT)

Marcum Wealth LLC decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 14.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,592 shares of the medical technology company’s stock after selling 1,628 shares during the quarter. Marcum Wealth LLC’s holdings in Medtronic were worth $836,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Morgan Stanley boosted its holdings in shares of Medtronic by 9.2% during the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after purchasing an additional 1,994,123 shares during the last quarter. Norges Bank acquired a new stake in shares of Medtronic during the fourth quarter worth $1,229,726,000. Northern Trust Corp boosted its holdings in Medtronic by 2.1% in the third quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock valued at $1,067,493,000 after acquiring an additional 285,819 shares during the last quarter. Sanders Capital LLC boosted its holdings in Medtronic by 2.8% in the fourth quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock valued at $1,040,802,000 after acquiring an additional 346,641 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Medtronic by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock valued at $893,352,000 after acquiring an additional 101,111 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 1.8 %

Shares of NYSE MDT opened at $81.64 on Friday. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00. The firm has a market cap of $108.40 billion, a price-to-earnings ratio of 29.69, a PEG ratio of 2.34 and a beta of 0.83. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The stock’s 50-day simple moving average is $81.81 and its 200-day simple moving average is $83.48.

Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same period in the previous year, the company earned $1.57 earnings per share. The company’s revenue for the quarter was up .5% compared to the same quarter last year. As a group, equities analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a $0.70 dividend. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend is Friday, June 28th. Medtronic’s payout ratio is currently 100.36%.

Insider Activity at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of the business’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 completion of the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Medtronic news, 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 directly 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 accessible through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction that occurred on Monday, April 8th. The shares were 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 of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of research analyst reports. Wells Fargo & Company lifted their target price on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. The Goldman Sachs Group initiated coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, June 5th. Truist Financial reduced their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research note on Friday, May 24th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $93.00.

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.