Patriot Financial Group Insurance Agency LLC Acquires 2,624 Shares of Medtronic plc (NYSE:MDT)

Patriot Financial Group Insurance Agency LLC grew its holdings in Medtronic plc (NYSE:MDT) by 14.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,199 shares of the medical technology company’s stock after buying an additional 2,624 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Medtronic were worth $1,669,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Medtronic during the fourth quarter valued at $1,229,726,000. First Eagle Investment Management LLC lifted its position 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 worth $775,169,000 after buying an additional 3,320,800 shares in the last quarter. M&G Plc bought a new stake in Medtronic during the 1st quarter worth about $259,160,000. Capital Research Global Investors increased its position in Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after acquiring an additional 2,044,109 shares in the last quarter. Finally, Pzena Investment Management LLC raised 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. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Down 0.6 %

Shares of NYSE MDT traded down $0.54 during mid-day trading on Tuesday, hitting $88.80. The company had a trading volume of 4,174,544 shares, compared to its average volume of 6,292,763. 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 firm has a 50-day simple moving average of $80.67 and a two-hundred day simple moving average of $82.30. The company has a market capitalization of $113.87 billion, a PE ratio of 32.29, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. Medtronic plc has a one year low of $68.84 and a one year high of $90.13.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the previous year, the company earned $1.20 earnings per share. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, equities analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a $0.70 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.15%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on MDT shares. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and upped their price target for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Barclays upped their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Oppenheimer lifted their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Truist Financial increased their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday. Finally, Wells Fargo & Company lifted their target price on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $92.92.

Insider Buying and Selling at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.30% of the company’s stock.

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.