Miracle Mile Advisors LLC Sells 332 Shares of Medtronic plc (NYSE:MDT)

Miracle Mile Advisors LLC lowered its position in shares of Medtronic plc (NYSE:MDT) by 1.1% in the 1st quarter, Holdings Channel.com reports. The fund owned 28,614 shares of the medical technology company’s stock after selling 332 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Medtronic were worth $2,494,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Morgan Stanley increased its position in shares of Medtronic by 9.2% during the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after acquiring an additional 1,994,123 shares in the last quarter. Norges Bank bought a new stake in Medtronic in the 4th quarter worth approximately $1,229,726,000. Sanders Capital LLC grew its position in Medtronic by 2.8% in the 4th quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock worth $1,040,802,000 after purchasing an additional 346,641 shares during the period. Charles Schwab Investment Management Inc. grew its position in Medtronic by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock worth $893,352,000 after purchasing an additional 101,111 shares during the period. Finally, American Century Companies Inc. grew its position in Medtronic by 6.7% in the 3rd quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock worth $806,883,000 after purchasing an additional 649,367 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 2.0 %

Shares of MDT stock opened at $77.12 on Tuesday. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00. The firm has a fifty day moving average price of $81.85 and a 200-day moving average price of $83.53. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. The company has a market cap of $98.89 billion, a price-to-earnings ratio of 28.04, a PEG ratio of 2.29 and a beta of 0.82.

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

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.80 annualized dividend and a yield of 3.63%. This is a boost from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is presently 101.82%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on MDT shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, June 5th. UBS Group lifted their target price on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. The Goldman Sachs Group started coverage on shares of Medtronic in a research report on Thursday, May 30th. They issued 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 research report on Friday, May 24th. Finally, Truist Financial cut their price objective on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research report on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus price target of $91.70.

Insiders Place Their Bets

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’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 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 can be accessed through the SEC website. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’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 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 can be accessed through the SEC website. Also, EVP Michael Marinaro sold 854 shares of the business’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 completion of the sale, the executive vice president now owns 27,925 shares in the company, 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.

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.