Hengehold Capital Management LLC Has $2.86 Million Position in Medtronic plc (NYSE:MDT)

Hengehold Capital Management LLC increased its holdings in shares of Medtronic plc (NYSE:MDT) by 44.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,804 shares of the medical technology company’s stock after acquiring an additional 10,074 shares during the quarter. Hengehold Capital Management LLC’s holdings in Medtronic were worth $2,859,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Morgan Stanley boosted its stake in Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after purchasing an additional 1,994,123 shares during the period. Norges Bank bought a new stake in Medtronic in the 4th quarter valued at $1,229,726,000. Sanders Capital LLC boosted its stake in Medtronic by 2.8% in the 4th quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock valued at $1,040,802,000 after purchasing an additional 346,641 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Medtronic by 0.9% in the 4th 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 purchasing an additional 101,111 shares during the period. Finally, American Century Companies Inc. boosted its stake in Medtronic by 6.7% in the 3rd quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock valued at $806,883,000 after purchasing an additional 649,367 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MDT has been the subject of several recent research reports. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research note on Wednesday, June 5th. The Goldman Sachs Group started 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. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Truist Financial cut their target price on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research report on Friday, May 24th. Finally, UBS Group upped their target price on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, May 24th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $93.00.

Medtronic Price Performance

Shares of MDT stock traded up $0.06 on Friday, hitting $78.69. 3,200,767 shares of the company’s stock were exchanged, compared to its average volume of 6,286,356. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00. The stock has a market cap of $100.90 billion, a P/E ratio of 28.85, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. The company has a 50 day moving average of $81.87 and a 200 day moving average of $83.53.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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 business had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same period in the prior year, the company earned $1.57 EPS. Medtronic’s revenue for the quarter was up .5% on a year-over-year basis. On average, equities research analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend is Friday, June 28th. This is a boost from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is presently 100.36%.

Insiders Place Their Bets

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the company’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 transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction dated 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 sale, the chief executive officer now 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 SEC, which is available at this link. Also, EVP Michael Marinaro sold 854 shares of the stock in a transaction dated 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 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. Insiders own 0.30% of the company’s stock.

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.