S.E.E.D. Planning Group LLC Sells 199 Shares of Medtronic plc (NYSE:MDT)

S.E.E.D. Planning Group LLC trimmed its position in shares of Medtronic plc (NYSE:MDT) by 7.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,344 shares of the medical technology company’s stock after selling 199 shares during the period. S.E.E.D. Planning Group LLC’s holdings in Medtronic were worth $204,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in Medtronic during the fourth quarter worth $1,229,726,000. First Eagle Investment Management LLC raised its position in Medtronic by 54.5% in the fourth quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after purchasing an additional 3,320,800 shares in the last quarter. Morgan Stanley boosted its holdings in Medtronic by 9.2% during the third 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 in the last quarter. Pzena Investment Management LLC raised its holdings in shares of Medtronic by 30.9% in the 4th quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock worth $617,896,000 after buying an additional 1,769,985 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Medtronic by 145.4% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock valued at $195,431,000 after buying an additional 1,405,978 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.1 %

MDT stock traded up $0.08 during midday trading on Friday, hitting $78.71. 8,917,219 shares of the company’s stock were exchanged, compared to its average volume of 6,371,193. Medtronic plc has a one year low of $68.84 and a one year high of $91.00. The stock’s fifty day moving average price is $81.85 and its 200-day moving average price is $83.50. The company has a market cap of $100.93 billion, a PE ratio of 28.62, a price-to-earnings-growth ratio of 2.31 and a beta of 0.83. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03.

Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) 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 business had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same period in the prior year, the business earned $1.57 EPS. Medtronic’s revenue for the quarter was up .5% compared to the same quarter last year. Research analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm 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 $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend 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 payout ratio is presently 101.82%.

Insider Buying and Selling

In other news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction that occurred 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 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 can be accessed through the SEC website. In other news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Geoffrey Martha sold 19,113 shares of the 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 sale, the chief executive officer now owns 143,348 shares in the company, 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

Several research firms have recently weighed in on MDT. 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. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, June 5th. UBS Group boosted their target price on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, May 24th. Finally, The Goldman Sachs Group assumed coverage on shares of Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus target price of $93.00.

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.