Medtronic plc (NYSE:MDT) Shares Sold by AdvisorNet Financial Inc

AdvisorNet Financial Inc lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 12.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,898 shares of the medical technology company’s stock after selling 1,004 shares during the period. AdvisorNet Financial Inc’s holdings in Medtronic were worth $601,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Fortitude Family Office LLC purchased a new position in Medtronic during the fourth quarter worth approximately $25,000. Leith Wheeler Investment Counsel Ltd. boosted its position in shares of Medtronic by 293.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after acquiring an additional 236,064 shares during the last quarter. MeadowBrook Investment Advisors LLC acquired a new stake in Medtronic during the fourth quarter worth about $27,000. Financial Gravity Asset Management Inc. boosted its holdings in Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after purchasing an additional 279 shares during the last quarter. Finally, Fortis Group Advisors LLC increased its holdings in shares of Medtronic by 100.0% during 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. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT opened at $81.04 on Tuesday. The firm has a market capitalization of $103.92 billion, a PE ratio of 29.47, a price-to-earnings-growth ratio of 2.38 and a beta of 0.83. 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 business’s fifty day moving average price is $81.82 and its 200 day moving average price is $83.55. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00.

Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share 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 during the quarter, compared to analysts’ expectations of $8.44 billion. During the same quarter in the previous year, the business earned $1.57 earnings per share. The firm’s revenue was up .5% compared to the same quarter last year. On average, sell-side analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a $0.70 dividend. The ex-dividend date is Friday, June 28th. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.46%. Medtronic’s dividend payout ratio is 100.36%.

Insiders Place Their Bets

In other news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction on Friday, June 7th. The shares were 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 of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Marinaro sold 854 shares of the business’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 value of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Truist Financial lowered their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research report on Friday, May 24th. Wells Fargo & Company boosted their price objective on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research note on Wednesday, June 5th. Finally, The Goldman Sachs Group initiated coverage on Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $93.00.

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.