Stokes Capital Advisors LLC Sells 583 Shares of Medtronic plc (NYSE:MDT)

Stokes Capital Advisors LLC reduced its position in shares of Medtronic plc (NYSE:MDT) by 1.4% during the 1st quarter, HoldingsChannel.com reports. The firm owned 40,208 shares of the medical technology company’s stock after selling 583 shares during the quarter. Stokes Capital Advisors LLC’s holdings in Medtronic were worth $3,504,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Morgan Stanley lifted its stake in shares of Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after acquiring an additional 1,994,123 shares during the period. Norges Bank acquired a new position in shares of Medtronic in the fourth quarter worth approximately $1,229,726,000. Sanders Capital LLC lifted its stake in shares of Medtronic by 2.8% in the fourth quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock worth $1,040,802,000 after acquiring an additional 346,641 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Medtronic by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock worth $893,352,000 after acquiring an additional 101,111 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of Medtronic by 6.7% in the third quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock worth $806,883,000 after acquiring an additional 649,367 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Insider Transactions at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the company’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 transaction of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on MDT shares. Truist Financial cut their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research note on Friday, May 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, June 5th. The Goldman Sachs Group started coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target on the stock. Wells Fargo & Company boosted their price target on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. 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 stock. Based on data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average target price of $93.00.

Medtronic Stock Up 0.4 %

Shares of NYSE:MDT traded up $0.34 during trading on Friday, reaching $78.97. 1,531,634 shares of the stock were exchanged, compared to its average volume of 6,272,667. 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 1-year low of $68.84 and a 1-year high of $91.00. The stock has a fifty day moving average of $81.87 and a two-hundred day moving average of $83.53. The firm has a market cap of $101.26 billion, a price-to-earnings ratio of 28.85, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same period in the prior year, the firm earned $1.57 earnings per share. Medtronic’s revenue for the quarter was up .5% on a year-over-year basis. Research 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. 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 3.55%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio is presently 100.36%.

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.