Medtronic plc (NYSE:MDT) Shares Bought by Biechele Royce Advisors

Biechele Royce Advisors grew its position in shares of Medtronic plc (NYSE:MDT) by 0.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 180,461 shares of the medical technology company’s stock after acquiring an additional 1,113 shares during the quarter. Medtronic accounts for approximately 5.2% of Biechele Royce Advisors’ portfolio, making the stock its 7th largest holding. Biechele Royce Advisors’ holdings in Medtronic were worth $15,728,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MDT. iA Global Asset Management Inc. bought a new position in shares of Medtronic during the third quarter valued at $493,000. Harbour Investments Inc. increased its stake in Medtronic by 16.5% in the 3rd quarter. Harbour Investments Inc. now owns 10,060 shares of the medical technology company’s stock worth $788,000 after acquiring an additional 1,427 shares during the last quarter. Financial Gravity Asset Management Inc. increased its position in shares of Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after purchasing an additional 279 shares during the last quarter. Creative Planning boosted its holdings in Medtronic by 57.0% during the 3rd quarter. Creative Planning now owns 226,966 shares of the medical technology company’s stock valued at $17,785,000 after acquiring an additional 82,413 shares during the period. Finally, Allen Mooney & Barnes Investment Advisors LLC purchased a new stake in shares of Medtronic in the 3rd quarter worth $283,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction 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 completion of the sale, 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 filing with the SEC, which is available through this hyperlink. 0.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MDT. Wells Fargo & Company raised their target price on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Citigroup cut their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday. Truist Financial reduced their price objective 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, The Goldman Sachs Group assumed coverage on shares of Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $91.09.

Medtronic Price Performance

Shares of MDT stock traded up $0.99 during trading hours on Thursday, hitting $78.05. 6,224,569 shares of the company’s stock were exchanged, compared to its average volume of 6,299,632. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The firm has a market cap of $100.08 billion, a P/E ratio of 28.02, a P/E/G ratio of 2.24 and a beta of 0.82. The firm has a 50 day moving average of $81.33 and a two-hundred day moving average of $83.24. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00.

Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The company had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. Medtronic’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.57 earnings per share. Sell-side analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a $0.70 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.59%. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

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.