PrairieView Partners LLC Sells 3,052 Shares of Medtronic plc (NYSE:MDT)

PrairieView Partners LLC lessened its stake in Medtronic plc (NYSE:MDT) by 43.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 3,964 shares of the medical technology company’s stock after selling 3,052 shares during the period. PrairieView Partners LLC’s holdings in Medtronic were worth $346,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. iA Global Asset Management Inc. acquired a new stake in Medtronic during the 3rd quarter worth $493,000. Harbour Investments Inc. grew its holdings in Medtronic by 16.5% during 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 period. Financial Gravity Asset Management Inc. grew its holdings in shares of Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after buying an additional 279 shares during the period. Creative Planning grew its holdings in shares of Medtronic by 57.0% in the 3rd quarter. Creative Planning now owns 226,966 shares of the medical technology company’s stock valued at $17,785,000 after buying an additional 82,413 shares during the period. Finally, Allen Mooney & Barnes Investment Advisors LLC acquired a new position in shares of Medtronic in the 3rd quarter valued at $283,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 1.3 %

NYSE:MDT traded up $0.99 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 firm has a 50-day moving average price of $81.33 and a 200-day moving average price of $83.24. 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 52 week low of $68.84 and a 52 week high of $91.00. The company has a market cap of $100.08 billion, a P/E ratio of 28.02, a price-to-earnings-growth ratio of 2.24 and a beta of 0.82.

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

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, June 28th. 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%. Medtronic’s payout ratio is 101.82%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target for the company. UBS Group boosted their price target on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, June 5th. Truist Financial decreased their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a report on Friday, May 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $91.09.

Insiders Place Their Bets

In other news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

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.