Envestnet Portfolio Solutions Inc. Acquires 1,384 Shares of Medtronic plc (NYSE:MDT)

Envestnet Portfolio Solutions Inc. increased its position in Medtronic plc (NYSE:MDT) by 0.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 181,073 shares of the medical technology company’s stock after acquiring an additional 1,384 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Medtronic were worth $15,781,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Fortitude Family Office LLC purchased a new stake in Medtronic in the 4th quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. increased its holdings in Medtronic by 293.0% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 236,064 shares during the last quarter. MeadowBrook Investment Advisors LLC purchased a new stake in Medtronic in the 4th quarter worth about $27,000. LifeSteps Financial Inc. purchased a new stake in Medtronic in the 1st quarter worth about $27,000. Finally, Tributary Capital Management LLC purchased a new stake in Medtronic in the 1st quarter worth about $33,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MDT shares. The Goldman Sachs Group started coverage on Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Wells Fargo & Company lifted their target price on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday, June 5th. Finally, Truist Financial cut their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a report on Friday, May 24th. Two investment 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. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $91.09.

Insider Activity

In other news, CEO Geoffrey Martha sold 19,113 shares of the business’s 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 transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT opened at $77.95 on Friday. The business has a 50 day moving average of $81.20 and a 200 day moving average of $83.18. The company has a market capitalization of $99.95 billion, a price-to-earnings ratio of 28.35, a PEG ratio of 2.27 and a beta of 0.82. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.00. 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 (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, beating 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 firm had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the previous year, the company posted $1.57 earnings per share. The business’s revenue was up .5% on a year-over-year basis. On average, sell-side 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 was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were paid a dividend of $0.70 per share. The ex-dividend date was 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 dividend yield of 3.59%. Medtronic’s payout ratio is 101.82%.

Medtronic Company 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.