Medtronic plc (NYSE:MDT) Shares Sold by NBC Securities Inc.

NBC Securities Inc. cut its stake in shares of Medtronic plc (NYSE:MDT) by 3.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,150 shares of the medical technology company’s stock after selling 1,435 shares during the quarter. NBC Securities Inc.’s holdings in Medtronic were worth $4,122,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Somerset Trust Co increased its holdings in shares of Medtronic by 2.0% in the first quarter. Somerset Trust Co now owns 47,785 shares of the medical technology company’s stock valued at $4,164,000 after purchasing an additional 917 shares during the period. Moody National Bank Trust Division increased its holdings in Medtronic by 6.3% in the 1st quarter. Moody National Bank Trust Division now owns 12,050 shares of the medical technology company’s stock worth $1,050,000 after buying an additional 715 shares during the period. Cullen Investment Group LTD. raised its position in Medtronic by 4.4% during the 1st quarter. Cullen Investment Group LTD. now owns 71,227 shares of the medical technology company’s stock worth $6,069,000 after buying an additional 3,031 shares during the last quarter. Moseley Investment Management Inc. lifted its stake in Medtronic by 15.6% during the 1st quarter. Moseley Investment Management Inc. now owns 13,098 shares of the medical technology company’s stock valued at $1,141,000 after acquiring an additional 1,766 shares during the period. Finally, ST Germain D J Co. Inc. boosted its holdings in shares of Medtronic by 21.4% in the 1st quarter. ST Germain D J Co. Inc. now owns 85,042 shares of the medical technology company’s stock valued at $7,411,000 after acquiring an additional 14,983 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Michael Marinaro sold 854 shares of the firm’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 transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Marinaro sold 854 shares of the firm’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 of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MDT. The Goldman Sachs Group initiated coverage on shares of Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price for the company. UBS Group raised their target price on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Wells Fargo & Company upped their price objective on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Finally, Oppenheimer boosted their target price on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $93.00.

Medtronic Price Performance

Shares of NYSE MDT traded down $0.20 during trading on Wednesday, hitting $79.75. The company had a trading volume of 7,012,073 shares, compared to its average volume of 6,631,626. The firm has a market capitalization of $105.89 billion, a price-to-earnings ratio of 29.00, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. The stock has a fifty day simple moving average of $81.87 and a two-hundred day simple moving average of $83.51. 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 fifty-two week low of $68.84 and a fifty-two week high of $91.00.

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

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.70 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.51%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio (DPR) is presently 100.36%.

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.