Lake Street Private Wealth LLC Has $949,000 Holdings in Medtronic plc (NYSE:MDT)

Lake Street Private Wealth LLC trimmed its holdings in Medtronic plc (NYSE:MDT) by 25.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,894 shares of the medical technology company’s stock after selling 3,739 shares during the period. Lake Street Private Wealth LLC’s holdings in Medtronic were worth $949,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of MDT. Axxcess Wealth Management LLC raised its holdings in shares of Medtronic by 62.9% during the third quarter. Axxcess Wealth Management LLC now owns 21,652 shares of the medical technology company’s stock worth $1,697,000 after acquiring an additional 8,361 shares during the period. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Medtronic by 17.6% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,323,530 shares of the medical technology company’s stock valued at $103,712,000 after purchasing an additional 198,000 shares in the last quarter. Eubel Brady & Suttman Asset Management Inc. grew its holdings in shares of Medtronic by 1.5% during the third quarter. Eubel Brady & Suttman Asset Management Inc. now owns 299,948 shares of the medical technology company’s stock worth $23,504,000 after buying an additional 4,577 shares in the last quarter. Laurel Wealth Advisors LLC raised its position in Medtronic by 94.9% in the 3rd quarter. Laurel Wealth Advisors LLC now owns 5,710 shares of the medical technology company’s stock valued at $447,000 after buying an additional 2,780 shares during the last quarter. Finally, KPP Advisory Services LLC bought a new stake in Medtronic in the 3rd quarter valued at approximately $250,000. 82.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MDT has been the topic of a number of recent research reports. Wells Fargo & Company lifted 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 report on Friday, May 24th. The Goldman Sachs Group initiated coverage on Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target for the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, June 5th. Finally, Truist Financial lowered their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $91.70.

Medtronic Trading Down 0.2 %

Shares of NYSE:MDT opened at $77.19 on Thursday. The stock has a market cap of $98.98 billion, a PE ratio of 28.07, a P/E/G ratio of 2.25 and a beta of 0.82. 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 12-month low of $68.84 and a 12-month high of $91.00. The business has a 50 day moving average of $81.71 and a 200-day moving average of $83.45.

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

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend is Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is 101.82%.

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 shares were 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 directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Geoffrey Martha sold 19,113 shares of the firm’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 completion of the transaction, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, 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 company insiders.

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.