Kure Advisory LLC Decreases Holdings in Medtronic plc (NYSE:MDT)

Kure Advisory LLC decreased its position in shares of Medtronic plc (NYSE:MDT) by 8.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,325 shares of the medical technology company’s stock after selling 908 shares during the period. Medtronic accounts for 0.7% of Kure Advisory LLC’s holdings, making the stock its 18th biggest position. Kure Advisory LLC’s holdings in Medtronic were worth $813,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new position in Medtronic during the 4th quarter valued at approximately $1,229,726,000. First Eagle Investment Management LLC increased its stake in Medtronic by 54.5% during the 4th 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 in the last quarter. Pzena Investment Management LLC increased its stake in Medtronic by 30.9% during the 4th 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 in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Medtronic by 145.4% during the 4th 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 in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its stake in Medtronic by 26.8% during the 4th 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 in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Transactions at Medtronic

In related 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 sale, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on MDT shares. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. The Goldman Sachs Group started coverage on shares of Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective on the stock. UBS Group increased their price objective 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. Truist Financial cut their price objective on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Medtronic has an average rating of “Hold” and an average price target of $90.90.

Medtronic Stock Performance

NYSE MDT traded down $1.71 during mid-day trading on Friday, reaching $79.50. 9,291,900 shares of the stock were exchanged, compared to its average volume of 6,343,720. The business’s 50 day moving average is $80.93 and its 200-day moving average is $83.07. 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 $101.94 billion, a P/E ratio of 28.91, a P/E/G ratio of 2.37 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.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.01. The business 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 was up .5% compared to the same quarter last year. During the same period last year, the firm posted $1.57 earnings per share. On average, equities research analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were paid a $0.70 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a dividend yield of 3.52%. The ex-dividend date of this dividend was Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is currently 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.