New Century Financial Group LLC Has $1.36 Million Stock Holdings in Medtronic plc (NYSE:MDT)

New Century Financial Group LLC boosted its holdings in shares of Medtronic plc (NYSE:MDT) by 407.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,599 shares of the medical technology company’s stock after buying an additional 12,527 shares during the period. Medtronic makes up about 0.9% of New Century Financial Group LLC’s portfolio, making the stock its 19th largest position. New Century Financial Group LLC’s holdings in Medtronic were worth $1,359,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of MDT. Powers Advisory Group LLC grew its stake in shares of Medtronic by 29.3% in the 1st quarter. Powers Advisory Group LLC now owns 3,627 shares of the medical technology company’s stock worth $316,000 after acquiring an additional 821 shares in the last quarter. RBA Wealth Management LLC grew its stake in shares of Medtronic by 2.2% in the 1st quarter. RBA Wealth Management LLC now owns 43,453 shares of the medical technology company’s stock worth $3,787,000 after acquiring an additional 933 shares in the last quarter. Legacy Wealth Asset Management LLC grew its position in Medtronic by 1.8% during the first quarter. Legacy Wealth Asset Management LLC now owns 17,885 shares of the medical technology company’s stock valued at $1,559,000 after buying an additional 313 shares during the period. Uncommon Cents Investing LLC grew its position in Medtronic by 2.9% during the first quarter. Uncommon Cents Investing LLC now owns 30,808 shares of the medical technology company’s stock valued at $2,685,000 after buying an additional 879 shares during the period. Finally, First Trust Direct Indexing L.P. grew its position in Medtronic by 16.4% during the first quarter. First Trust Direct Indexing L.P. now owns 29,410 shares of the medical technology company’s stock valued at $2,563,000 after buying an additional 4,133 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MDT. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. UBS Group increased their price target on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, May 24th. The Goldman Sachs Group began coverage on shares of Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target for the company. Truist Financial reduced their price target 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. Finally, Wells Fargo & Company increased their price target on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $91.70.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the 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 directly owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Geoffrey Martha sold 19,113 shares of the firm’s 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 $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $71,001.56. Following the completion of the transaction, 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. Company insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

NYSE MDT traded down $0.20 during trading on Thursday, hitting $77.17. 2,838,401 shares of the company’s stock traded hands, compared to its average volume of 6,333,819. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.00. The stock has a market capitalization of $98.95 billion, a price-to-earnings ratio of 28.06, a PEG ratio of 2.25 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The business has a 50 day moving average of $81.64 and a 200-day moving average of $83.41.

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

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors 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. This represents a $2.80 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) 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.