Medtronic plc (NYSE:MDT) Shares Sold by Park Place Capital Corp

Park Place Capital Corp lessened its stake in Medtronic plc (NYSE:MDT) by 17.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,603 shares of the medical technology company’s stock after selling 557 shares during the quarter. Park Place Capital Corp’s holdings in Medtronic were worth $205,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Medtronic during the fourth quarter worth $1,229,726,000. First Eagle Investment Management LLC boosted its position in shares of Medtronic by 54.5% during 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 buying an additional 3,320,800 shares during the period. M&G Plc purchased a new position in shares of Medtronic during the first quarter worth $259,160,000. Capital Research Global Investors boosted its position in shares of Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the period. Finally, Pzena Investment Management LLC boosted its position in shares of Medtronic by 30.9% during the fourth 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 during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT traded down $0.55 during midday trading on Monday, reaching $80.96. 3,862,447 shares of the stock were exchanged, compared to its average volume of 6,295,944. The business’s 50-day moving average price is $80.04 and its 200 day moving average price is $82.62. 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 twelve month low of $68.84 and a twelve month high of $89.18. The company has a market capitalization of $103.81 billion, a price-to-earnings ratio of 29.49, a PEG ratio of 2.35 and a beta of 0.82.

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 business had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business’s revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.57 earnings per share. On average, sell-side analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.46%. Medtronic’s dividend payout ratio is currently 101.82%.

Insider Buying and Selling at Medtronic

In other Medtronic 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 owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, July 17th. 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. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. The Goldman Sachs Group assumed coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target on the stock. Finally, Truist Financial cut their price target on Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, July 16th. Two investment 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. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $90.90.

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.