Medtronic plc (NYSE:MDT) Stake Boosted by TIAA Trust National Association

TIAA Trust National Association increased its position in shares of Medtronic plc (NYSE:MDT) by 16.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,083 shares of the medical technology company’s stock after purchasing an additional 1,119 shares during the quarter. TIAA Trust National Association’s holdings in Medtronic were worth $704,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MDT. Fortitude Family Office LLC acquired a new position in shares of Medtronic during the fourth quarter valued at $25,000. MeadowBrook Investment Advisors LLC acquired a new position in Medtronic during the fourth quarter worth about $27,000. LifeSteps Financial Inc. acquired a new position in Medtronic during the first quarter worth about $27,000. Tributary Capital Management LLC acquired a new position in Medtronic during the first quarter worth about $33,000. Finally, Fortis Group Advisors LLC grew its holdings in Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 230 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Medtronic Trading Down 2.1 %

Shares of NYSE:MDT traded down $1.73 during midday trading on Friday, reaching $79.48. The company had a trading volume of 9,292,752 shares, compared to its average volume of 6,365,736. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.00. The firm has a market cap of $101.91 billion, a price-to-earnings ratio of 28.90, a price-to-earnings-growth ratio of 2.32 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The company has a fifty day simple moving average of $80.93 and a two-hundred day simple moving average of $83.07.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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. 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 analyst estimates of $8.44 billion. During the same period last year, the company posted $1.57 EPS. The business’s quarterly revenue 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 year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were given a dividend of $0.70 per share. The ex-dividend date was Friday, June 28th. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a yield of 3.52%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. 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. Truist Financial lowered their target price on Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Tuesday, July 16th. Citigroup lowered their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Finally, 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 on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $90.90.

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.