MV Capital Management Inc. Grows Holdings in Medtronic plc (NYSE:MDT)

MV Capital Management Inc. grew its stake in shares of Medtronic plc (NYSE:MDT) by 193.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 24,015 shares of the medical technology company’s stock after buying an additional 15,830 shares during the quarter. MV Capital Management Inc.’s holdings in Medtronic were worth $2,093,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Exchange Capital Management Inc. increased its stake in Medtronic by 3.1% in the first quarter. Exchange Capital Management Inc. now owns 35,274 shares of the medical technology company’s stock valued at $3,074,000 after acquiring an additional 1,070 shares during the last quarter. Westhampton Capital LLC boosted its holdings in shares of Medtronic by 11.9% in the 1st quarter. Westhampton Capital LLC now owns 7,525 shares of the medical technology company’s stock worth $656,000 after purchasing an additional 800 shares in the last quarter. Leonard Rickey Investment Advisors P.L.L.C. bought a new position in shares of Medtronic during the 1st quarter valued at about $201,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Medtronic by 14.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 887,610 shares of the medical technology company’s stock valued at $77,355,000 after buying an additional 113,125 shares in the last quarter. Finally, Tributary Capital Management LLC bought a new stake in Medtronic in the 1st quarter worth approximately $33,000. 82.06% of the stock is owned by institutional investors.

Insider Activity

In related 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 transaction of $1,601,096.01. Following the sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Michael Marinaro sold 854 shares of the firm’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 value of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Geoffrey Martha sold 19,113 shares of the 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 disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Medtronic Price Performance

MDT stock traded up $0.25 during trading on Tuesday, reaching $77.37. The company’s stock had a trading volume of 6,585,942 shares, compared to its average volume of 6,342,100. The company’s fifty day moving average is $81.78 and its 200-day moving average is $83.49. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00. The company has a market capitalization of $99.21 billion, a P/E ratio of 28.05, a price-to-earnings-growth ratio of 2.29 and a beta of 0.82. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.01. The company had revenue of $8.59 billion during 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%. Medtronic’s quarterly revenue was up .5% on a year-over-year basis. During the same period last year, the company posted $1.57 earnings per share. On average, research analysts expect that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed 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. This is an increase from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.62%. Medtronic’s payout ratio is presently 101.82%.

Wall Street Analyst Weigh In

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

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.