Kiltearn Partners LLP Trims Position in Medtronic plc (NYSE:MDT)

Kiltearn Partners LLP cut its holdings in shares of Medtronic plc (NYSE:MDT) by 15.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 333,861 shares of the medical technology company’s stock after selling 62,200 shares during the quarter. Medtronic accounts for about 2.7% of Kiltearn Partners LLP’s portfolio, making the stock its 15th largest holding. Kiltearn Partners LLP’s holdings in Medtronic were worth $29,053,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of MDT. FLC Capital Advisors purchased a new position in shares of Medtronic during the 4th quarter valued at approximately $319,000. Austin Private Wealth LLC purchased a new position in shares of Medtronic during the 4th quarter valued at approximately $211,000. Meadow Creek Wealth Advisors LLC purchased a new position in shares of Medtronic during the 4th quarter valued at approximately $413,000. Inscription Capital LLC increased its holdings in shares of Medtronic by 14.4% during the 4th quarter. Inscription Capital LLC now owns 6,138 shares of the medical technology company’s stock valued at $506,000 after purchasing an additional 772 shares in the last quarter. Finally, Winch Advisory Services LLC increased its holdings in shares of Medtronic by 5.5% during the 4th quarter. Winch Advisory Services LLC now owns 10,269 shares of the medical technology company’s stock valued at $846,000 after purchasing an additional 532 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was 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 directly owns 143,348 shares in the company, valued at $12,008,261.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

MDT has been the subject of several recent research reports. The Goldman Sachs Group initiated coverage on shares of Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Wells Fargo & Company increased their price objective on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Truist Financial decreased their price objective on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Tuesday, July 16th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $90.90.

Medtronic Price Performance

Shares of Medtronic stock traded up $0.24 on Friday, hitting $78.70. 4,574,693 shares of the company were exchanged, compared to its average volume of 6,127,295. The stock has a market capitalization of $100.91 billion, a price-to-earnings ratio of 28.62, a price-to-earnings-growth ratio of 2.29 and a beta of 0.82. The company has a 50-day moving average price of $80.36 and a 200 day moving average price of $82.84. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.00. 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 (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. The business had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.57 EPS. As a group, sell-side analysts predict 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 was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were issued a dividend of $0.70 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a dividend yield of 3.56%. The ex-dividend date was Friday, June 28th. Medtronic’s payout ratio 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.