Naviter Wealth LLC Raises Holdings in Medtronic plc (NYSE:MDT)

Naviter Wealth LLC raised its stake in Medtronic plc (NYSE:MDT) by 44.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,634 shares of the medical technology company’s stock after purchasing an additional 4,778 shares during the quarter. Naviter Wealth LLC’s holdings in Medtronic were worth $1,373,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in MDT. Norges Bank purchased a new position in Medtronic in the fourth quarter valued at about $1,229,726,000. First Eagle Investment Management LLC increased 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 acquiring an additional 3,320,800 shares during the last quarter. 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 worth $1,863,229,000 after acquiring an additional 1,994,123 shares during the last quarter. Pzena Investment Management LLC increased 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 acquiring an additional 1,769,985 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of Medtronic by 145.4% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock worth $195,431,000 after acquiring an additional 1,405,978 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Medtronic

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 completion of the transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 value of $1,601,096.01. Following the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

MDT has been the topic of a number of analyst reports. Truist Financial dropped their target price on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research report 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 research note on Wednesday, June 5th. 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 for the company. UBS Group lifted their price target on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, May 24th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $91.70.

Medtronic Stock Performance

Shares of MDT stock opened at $77.37 on Wednesday. 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 business has a 50 day moving average of $81.78 and a two-hundred day moving average of $83.49. The company has a market cap of $99.21 billion, a P/E ratio of 28.13, a PEG 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.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.01. The business had revenue of $8.59 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the firm posted $1.57 earnings per share. As a group, analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is 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 dividend yield of 3.62%. Medtronic’s payout ratio is currently 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.