Occidental Asset Management LLC Boosts Position in Medtronic plc (NYSE:MDT)

Occidental Asset Management LLC increased its holdings in Medtronic plc (NYSE:MDT) by 85.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,386 shares of the medical technology company’s stock after acquiring an additional 16,261 shares during the quarter. Occidental Asset Management LLC’s holdings in Medtronic were worth $3,084,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC bought a new position in shares of Medtronic in the 4th quarter worth about $25,000. MeadowBrook Investment Advisors LLC purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $27,000. Financial Gravity Asset Management Inc. boosted its position in shares of Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 279 shares in the last quarter. Riverview Trust Co purchased a new stake in shares of Medtronic in the 1st quarter worth approximately $39,000. Finally, Fortis Group Advisors LLC increased its position in Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after buying an additional 230 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MDT. The Goldman Sachs Group began coverage on Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target for the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, June 5th. Truist Financial decreased their price objective on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a report on Friday, May 24th. Wells Fargo & Company increased their target price on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Finally, UBS Group boosted 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. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average price target of $93.00.

Insider Transactions at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Geoffrey Martha sold 19,113 shares of Medtronic 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 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. Corporate insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

Shares of NYSE:MDT traded up $0.08 during trading on Friday, hitting $78.71. The company’s stock had a trading volume of 8,917,219 shares, compared to its average volume of 6,371,193. The company has a 50-day moving average of $81.85 and a 200-day moving average of $83.50. 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 firm has a market cap of $100.93 billion, a price-to-earnings ratio of 28.62, a P/E/G ratio of 2.31 and a beta of 0.83. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping the consensus estimate 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 net margin of 11.36% and a return on equity of 13.47%. The company’s revenue was up .5% compared to the same quarter last year. During the same quarter last year, the company posted $1.57 EPS. On average, sell-side analysts expect 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 given a $0.70 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.56%. Medtronic’s dividend payout ratio is presently 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.