Medtronic plc (NYSE:MDT) Shares Purchased by Cambridge Trust Co.

Cambridge Trust Co. boosted its position in Medtronic plc (NYSE:MDT) by 4.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,936 shares of the medical technology company’s stock after purchasing an additional 813 shares during the period. Cambridge Trust Co.’s holdings in Medtronic were worth $1,737,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Norges Bank acquired a new stake in Medtronic during the 4th quarter valued at $1,229,726,000. First Eagle Investment Management LLC increased its stake in shares of 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 worth $775,169,000 after acquiring an additional 3,320,800 shares during the last quarter. M&G Plc acquired a new position in shares of Medtronic in the first quarter worth $259,160,000. Capital Research Global Investors increased its stake in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the last quarter. Finally, Pzena Investment Management LLC increased its stake in shares of 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 worth $617,896,000 after acquiring an additional 1,769,985 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

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 that occurred on Friday, June 7th. The shares were 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 of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.30% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT traded up $1.02 during mid-day trading on Friday, hitting $81.51. 5,057,940 shares of the stock were exchanged, compared to its average volume of 6,335,373. The company has a market cap of $104.52 billion, a P/E ratio of 29.64, a PEG ratio of 2.35 and a beta of 0.82. The stock’s fifty day simple moving average is $80.04 and its two-hundred day simple moving average is $82.67. 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 plc has a twelve month low of $68.84 and a twelve month high of $89.18.

Medtronic (NYSE:MDT) last released its quarterly earnings results 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 business had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. During the same period in the prior year, the firm earned $1.57 earnings per share. Medtronic’s revenue was up .5% compared to the same quarter last year. As a group, analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, June 28th. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a yield of 3.44%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in 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 decreased their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. UBS Group upped their price objective on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, July 17th. Finally, Truist Financial decreased their price target on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a report on Tuesday, July 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $90.90.

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.