D.B. Root & Company LLC Trims Stock Position in Medtronic plc (NYSE:MDT)

D.B. Root & Company LLC decreased its position in Medtronic plc (NYSE:MDT) by 25.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,473 shares of the medical technology company’s stock after selling 1,173 shares during the period. D.B. Root & Company LLC’s holdings in Medtronic were worth $303,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Dark Forest Capital Management LP lifted its holdings in shares of Medtronic by 45.8% in the 3rd quarter. Dark Forest Capital Management LP now owns 4,626 shares of the medical technology company’s stock worth $362,000 after buying an additional 1,454 shares during the period. Rehmann Capital Advisory Group raised its holdings in shares of Medtronic by 16.4% in the third quarter. Rehmann Capital Advisory Group now owns 18,349 shares of the medical technology company’s stock valued at $1,438,000 after acquiring an additional 2,588 shares in the last quarter. Waverly Advisors LLC purchased a new stake in Medtronic in the third quarter worth about $257,000. United Services Automobile Association grew its holdings in Medtronic by 11.6% during the 3rd quarter. United Services Automobile Association now owns 35,461 shares of the medical technology company’s stock worth $2,779,000 after acquiring an additional 3,686 shares in the last quarter. Finally, Perritt Capital Management Inc. increased its position in Medtronic by 8.8% during the 3rd quarter. Perritt Capital Management Inc. now owns 3,113 shares of the medical technology company’s stock valued at $244,000 after purchasing an additional 253 shares during the period. Institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling

In related news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction on 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Medtronic Stock Down 0.8 %

MDT stock opened at $78.71 on Monday. The stock has a market capitalization of $100.93 billion, a PE ratio of 28.62, a price-to-earnings-growth ratio of 2.29 and a beta of 0.82. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.00. 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 50 day moving average of $81.85 and a 200 day moving average of $83.53.

Medtronic (NYSE:MDT) last posted its quarterly earnings data 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 business had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same period in the previous year, the firm posted $1.57 earnings per share. The business’s revenue for the quarter was up .5% compared to the same quarter last year. Sell-side analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.56%. This is a boost from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on MDT shares. Truist Financial dropped their price objective on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research note on Friday, May 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, June 5th. The Goldman Sachs Group initiated coverage on Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective for the company. Wells Fargo & Company raised their price objective on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Finally, UBS Group boosted their target price on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $91.70.

About Medtronic

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.