LifePro Asset Management Acquires New Shares in Medtronic plc (NYSE:MDT)

LifePro Asset Management acquired a new stake in Medtronic plc (NYSE:MDT) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 3,119 shares of the medical technology company’s stock, valued at approximately $275,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sageworth Trust Co purchased a new stake in Medtronic during the 1st quarter valued at $26,000. Laurel Wealth Advisors LLC raised its stake in Medtronic by 250.0% during the 1st quarter. Laurel Wealth Advisors LLC now owns 350 shares of the medical technology company’s stock valued at $28,000 after buying an additional 250 shares during the last quarter. Trivant Custom Portfolio Group LLC purchased a new stake in Medtronic during the 1st quarter valued at $31,000. Certified Advisory Corp purchased a new stake in Medtronic during the 1st quarter valued at $31,000. Finally, Tucker Asset Management LLC purchased a new stake in Medtronic during the 1st quarter valued at $32,000. 80.75% of the stock is owned by institutional investors.

Medtronic Price Performance

Shares of MDT traded up $1.40 during midday trading on Monday, hitting $83.17. 800,309 shares of the company traded hands, compared to its average volume of 5,671,546. The firm has a 50 day moving average of $84.16 and a 200-day moving average of $84.35. Medtronic plc has a 52 week low of $75.76 and a 52 week high of $92.02. The stock has a market cap of $110.66 billion, a price-to-earnings ratio of 30.69, a PEG ratio of 2.88 and a beta of 0.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.79 and a current ratio of 2.42.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.11 by $0.09. Medtronic had a net margin of 11.47% and a return on equity of 13.81%. The business had revenue of $7.70 billion during the quarter, compared to the consensus estimate of $7.57 billion. During the same quarter in the prior year, the firm earned $1.13 EPS. The business’s revenue was up 4.5% on a year-over-year basis. On average, analysts forecast that Medtronic plc will post 5.12 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 22nd will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Thursday, September 21st. Medtronic’s dividend payout ratio (DPR) is presently 101.85%.

Analysts Set New Price Targets

A number of brokerages have weighed in on MDT. Stifel Nicolaus boosted their target price on shares of Medtronic from $92.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, August 22nd. 22nd Century Group restated an “initiates” rating on shares of Medtronic in a research note on Friday, June 30th. Mizuho upped their price objective on Medtronic from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, August 23rd. Truist Financial reduced their price objective on Medtronic from $93.00 to $90.00 in a research note on Friday, May 26th. Finally, Sanford C. Bernstein reduced their price objective on Medtronic from $100.00 to $99.00 in a research note on Friday, May 26th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $91.67.

Insider Buying and Selling at Medtronic

In related news, EVP Brett A. Wall sold 2,000 shares of the stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $87.97, for a total value of $175,940.00. Following the completion of the transaction, the executive vice president now owns 23,948 shares of the company’s stock, valued at approximately $2,106,705.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Brett A. Wall sold 2,000 shares of the stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $87.97, for a total value of $175,940.00. Following the completion of the transaction, the executive vice president now owns 23,948 shares of the company’s stock, valued at approximately $2,106,705.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Hoedt Rob Ten sold 5,514 shares of the stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $86.58, for a total transaction of $477,402.12. Following the completion of the transaction, the executive vice president now directly owns 43,802 shares of the company’s stock, valued at approximately $3,792,377.16. The disclosure for this sale can be found here. Insiders sold 19,866 shares of company stock valued at $1,688,839 in the last 90 days. Insiders own 0.30% of the company’s stock.

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.