Csenge Advisory Group Reduces Position in Medtronic plc (NYSE:MDT)

Csenge Advisory Group reduced its holdings in Medtronic plc (NYSE:MDT) by 30.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,026 shares of the medical technology company’s stock after selling 3,495 shares during the period. Csenge Advisory Group’s holdings in Medtronic were worth $632,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MDT. MeadowBrook Investment Advisors LLC acquired a new position in shares of Medtronic during the 4th quarter worth approximately $27,000. LifeSteps Financial Inc. purchased a new position in Medtronic during the first quarter worth approximately $27,000. Lynx Investment Advisory acquired a new position in Medtronic during the second quarter worth $28,000. Tributary Capital Management LLC purchased a new stake in Medtronic in the 1st quarter valued at $33,000. Finally, Fortis Group Advisors LLC increased its stake in shares of Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 230 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, July 17th. Wells Fargo & Company boosted their target price on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Citigroup reduced their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Truist Financial lowered their price objective on Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, July 16th. Finally, UBS Group lifted their target price on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, May 24th. 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $90.90.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

Shares of Medtronic stock opened at $82.21 on Friday. The firm has a market capitalization of $105.42 billion, a P/E ratio of 29.89, a P/E/G ratio of 2.35 and a beta of 0.82. 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 52 week low of $68.84 and a 52 week high of $89.18. The firm’s 50 day moving average is $80.00 and its two-hundred day moving average is $82.52.

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

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend was Friday, June 28th. This is a boost from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is 101.82%.

Medtronic 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.