Medtronic plc (NYSE:MDT) Shares Sold by Crane Advisory LLC

Crane Advisory LLC lowered its position in shares of Medtronic plc (NYSE:MDT) by 12.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,499 shares of the medical technology company’s stock after selling 369 shares during the period. Crane Advisory LLC’s holdings in Medtronic were worth $210,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in MDT. Austin Private Wealth LLC boosted its position in shares of Medtronic by 8.6% during the first quarter. Austin Private Wealth LLC now owns 2,788 shares of the medical technology company’s stock worth $237,000 after buying an additional 221 shares during the period. CGN Advisors LLC boosted its holdings in Medtronic by 3.2% during the 1st quarter. CGN Advisors LLC now owns 30,658 shares of the medical technology company’s stock valued at $2,672,000 after acquiring an additional 957 shares during the period. Allen Mooney & Barnes Investment Advisors LLC grew its position in Medtronic by 3.1% in the 1st quarter. Allen Mooney & Barnes Investment Advisors LLC now owns 113,779 shares of the medical technology company’s stock valued at $9,349,000 after acquiring an additional 3,472 shares in the last quarter. Perkins Coie Trust Co increased its stake in Medtronic by 3.6% during the first quarter. Perkins Coie Trust Co now owns 38,248 shares of the medical technology company’s stock worth $3,333,000 after purchasing an additional 1,312 shares during the period. Finally, Harbor Investment Advisory LLC lifted its position in shares of Medtronic by 14.8% during the first quarter. Harbor Investment Advisory LLC now owns 15,913 shares of the medical technology company’s stock worth $1,387,000 after purchasing an additional 2,051 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the topic of several analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Truist Financial reduced their price target 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 reissued 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 raised their target price on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. Finally, The Goldman Sachs Group began coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Two 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $93.00.

Medtronic Price Performance

Shares of MDT stock traded down $0.59 during midday trading on Tuesday, reaching $80.45. 378,816 shares of the company traded hands, compared to its average volume of 6,261,984. The firm’s 50 day simple moving average is $81.82 and its two-hundred day simple moving average is $83.55. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.00. 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 $103.16 billion, a PE ratio of 29.47, a price-to-earnings-growth ratio of 2.38 and a beta of 0.83.

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

Medtronic Increases Dividend

The business also recently declared 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. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.48%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is presently 100.36%.

Insider Buying and Selling

In related 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 transaction 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 approximately $12,008,261.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related 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 transaction 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 approximately $12,008,261.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 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. 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.