Summit Financial LLC Has $966,000 Stock Holdings in Medtronic plc (NYSE:MDT)

Summit Financial LLC raised its holdings in Medtronic plc (NYSE:MDT) by 54.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,166 shares of the medical technology company’s stock after buying an additional 4,308 shares during the quarter. Summit Financial LLC’s holdings in Medtronic were worth $966,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its position in shares of Medtronic by 2.5% during the fourth quarter. International Assets Investment Management LLC now owns 12,607 shares of the medical technology company’s stock valued at $1,039,000 after buying an additional 302 shares during the last quarter. Merit Financial Group LLC raised its holdings in Medtronic by 2.1% in the 4th quarter. Merit Financial Group LLC now owns 9,413 shares of the medical technology company’s stock valued at $775,000 after acquiring an additional 194 shares in the last quarter. Sapient Capital LLC bought a new stake in shares of Medtronic in the 4th quarter worth approximately $213,000. TCG Advisory Services LLC acquired a new stake in shares of Medtronic during the 4th quarter worth approximately $219,000. Finally, Connecticut Wealth Management LLC increased its position in shares of Medtronic by 24.6% during the fourth quarter. Connecticut Wealth Management LLC now owns 4,750 shares of the medical technology company’s stock valued at $391,000 after purchasing an additional 937 shares during the period. 82.06% of the stock is owned by institutional investors.

Insider Transactions at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the 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 in the company, valued at $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by corporate insiders.

Medtronic Stock Performance

Shares of Medtronic stock opened at $88.58 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The firm has a 50 day simple moving average of $81.47 and a 200 day simple moving average of $82.45. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $90.13. The firm has a market cap of $113.58 billion, a P/E ratio of 32.21, a P/E/G ratio of 2.52 and a beta of 0.82.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period last year, the firm earned $1.20 EPS. Sell-side analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Analyst Ratings Changes

MDT has been the topic of a number of recent research reports. Truist Financial lifted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Barclays upped their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Robert W. Baird raised their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Citigroup decreased their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Finally, 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 target price for the company. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and a consensus price target of $92.92.

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.