Arden Trust Co Lowers Holdings in Medtronic plc (NYSE:MDT)

Arden Trust Co decreased its stake in shares of Medtronic plc (NYSE:MDT) by 6.5% in the first quarter, Holdings Channel.com reports. The fund owned 2,778 shares of the medical technology company’s stock after selling 192 shares during the period. Arden Trust Co’s holdings in Medtronic were worth $242,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Fortitude Family Office LLC bought a new stake in shares of Medtronic in the fourth quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. increased its stake in Medtronic by 293.0% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 236,064 shares during the last quarter. MeadowBrook Investment Advisors LLC purchased a new stake in shares of Medtronic during the 4th quarter worth approximately $27,000. Financial Gravity Asset Management Inc. boosted its position in shares of Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after acquiring an additional 279 shares during the last quarter. Finally, Fortis Group Advisors LLC grew its holdings in shares of Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Down 0.3 %

Shares of NYSE:MDT traded down $0.20 on Tuesday, hitting $79.75. 6,872,192 shares of the company’s stock were exchanged, compared to its average volume of 6,259,363. The business’s 50 day simple moving average is $81.87 and its two-hundred day simple moving average is $83.51. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. The stock has a market capitalization of $105.89 billion, a price-to-earnings ratio of 29.00, a price-to-earnings-growth ratio of 2.36 and a beta of 0.83. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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 company had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The firm’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter last year, the business posted $1.57 EPS. Analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.80 annualized dividend and a yield of 3.51%. This is a boost from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is 100.36%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. UBS Group upped their price target on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research note on Friday, May 24th. Wells Fargo & Company upped their target price on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, June 5th. Oppenheimer upped their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Finally, The Goldman Sachs Group initiated coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Medtronic presently has an average rating of “Hold” and an average target price of $93.00.

Insiders Place Their Bets

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

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.