Gabelli Funds LLC Sells 300 Shares of Medtronic plc (NYSE:MDT)

Gabelli Funds LLC reduced its stake in Medtronic plc (NYSE:MDT) by 0.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,990 shares of the medical technology company’s stock after selling 300 shares during the quarter. Gabelli Funds LLC’s holdings in Medtronic were worth $7,233,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. MeadowBrook Investment Advisors LLC bought a new stake in Medtronic in the 4th quarter valued at $27,000. LifeSteps Financial Inc. bought a new stake in Medtronic in the 1st quarter valued at $27,000. Tributary Capital Management LLC bought a new stake in Medtronic in the 1st quarter valued at $33,000. Fortis Group Advisors LLC lifted its position in Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after acquiring an additional 230 shares in the last quarter. Finally, Hartford Financial Management Inc. increased its stake in Medtronic by 52.1% in the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock valued at $39,000 after buying an additional 164 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Insiders Place Their Bets

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 transaction of $1,601,096.01. Following the transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target on the stock. Citigroup lowered their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Wells Fargo & Company boosted their price objective 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. UBS Group raised their target price 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. Finally, Truist Financial cut their target price on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, July 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $90.90.

Medtronic Stock Performance

MDT stock traded up $0.24 during mid-day trading on Friday, hitting $78.70. 4,574,693 shares of the company were exchanged, compared to its average volume of 6,127,295. The business has a 50 day simple moving average of $80.36 and a 200-day simple moving average of $82.87. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $100.91 billion, a PE ratio of 28.62, a price-to-earnings-growth ratio of 2.29 and a beta of 0.82. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.00.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.01. The firm had revenue of $8.59 billion during 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 business’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period last year, the business posted $1.57 earnings per share. On average, equities analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.56%. Medtronic’s dividend payout ratio (DPR) is 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.