Broderick Brian C Increases Position in Medtronic plc (NYSE:MDT)

Broderick Brian C raised its position in Medtronic plc (NYSE:MDT) by 3.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,528 shares of the medical technology company’s stock after purchasing an additional 1,120 shares during the period. Broderick Brian C’s holdings in Medtronic were worth $3,009,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. iA Global Asset Management Inc. purchased a new position in shares of Medtronic in the 3rd quarter valued at $493,000. Harbour Investments Inc. grew its position in shares of Medtronic by 16.5% in the 3rd quarter. Harbour Investments Inc. now owns 10,060 shares of the medical technology company’s stock valued at $788,000 after buying an additional 1,427 shares during the last quarter. Financial Gravity Asset Management Inc. grew 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 valued at $29,000 after buying an additional 279 shares during the last quarter. Creative Planning grew its position in shares of Medtronic by 57.0% in the 3rd quarter. Creative Planning now owns 226,966 shares of the medical technology company’s stock valued at $17,785,000 after buying an additional 82,413 shares during the last quarter. Finally, Allen Mooney & Barnes Investment Advisors LLC purchased a new position in shares of Medtronic in the 3rd quarter valued at $283,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Truist Financial decreased their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday, May 24th. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research note on Wednesday, June 5th. Wells Fargo & Company increased 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. Finally, UBS Group increased their price target on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, May 24th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $91.09.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.30% of the stock is currently owned by insiders.

Medtronic Price Performance

Shares of NYSE MDT traded up $0.99 during midday trading on Thursday, hitting $78.05. The company had a trading volume of 6,224,569 shares, compared to its average volume of 6,299,632. 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 plc has a twelve month low of $68.84 and a twelve month high of $91.00. The business has a 50-day simple moving average of $81.28 and a two-hundred day simple moving average of $83.20. The firm has a market capitalization of $100.08 billion, a price-to-earnings ratio of 28.38, a price-to-earnings-growth ratio of 2.24 and a beta of 0.82.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating the consensus estimate of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The firm had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same quarter last year, the business earned $1.57 earnings per share. The business’s revenue for the quarter was up .5% compared to the same quarter last year. Equities research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.70 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.59%. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is 101.82%.

About Medtronic

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.