Medtronic plc (NYSE:MDT) Shares Sold by Rehmann Capital Advisory Group

Rehmann Capital Advisory Group decreased its position in Medtronic plc (NYSE:MDT) by 4.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,987 shares of the medical technology company’s stock after selling 757 shares during the quarter. Rehmann Capital Advisory Group’s holdings in Medtronic were worth $1,393,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in MDT. Norges Bank purchased a new position in Medtronic in the fourth quarter valued at approximately $1,229,726,000. First Eagle Investment Management LLC increased its stake in Medtronic by 54.5% in the fourth quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock valued at $775,169,000 after purchasing an additional 3,320,800 shares during the last quarter. Pzena Investment Management LLC increased its stake in Medtronic by 30.9% in the fourth quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock valued at $617,896,000 after purchasing an additional 1,769,985 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Medtronic by 145.4% in 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 valued at $195,431,000 after purchasing an additional 1,405,978 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its stake in Medtronic by 26.8% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,237,032 shares of the medical technology company’s stock valued at $513,807,000 after purchasing an additional 1,318,590 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on MDT shares. 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 note on Friday, May 24th. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, June 5th. Truist Financial lowered their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research report on Friday, May 24th. Wells Fargo & Company raised their target price on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $91.70.

Medtronic Price Performance

Medtronic stock traded down $0.19 during midday trading on Wednesday, reaching $76.69. The company’s stock had a trading volume of 3,886,149 shares, compared to its average volume of 6,278,448. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. 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 stock’s 50 day simple moving average is $81.41 and its 200 day simple moving average is $83.28. The firm has a market capitalization of $98.34 billion, a PE ratio of 27.88, a P/E/G ratio of 2.24 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 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter last year, the company earned $1.57 earnings per share. Medtronic’s quarterly revenue was up .5% compared to the same quarter last year. On average, equities research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is 101.82%.

Insider Transactions at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction 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 owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.30% of the company’s stock.

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.