DLK Investment Management LLC Has $4.11 Million Position in Medtronic plc (NYSE:MDT)

DLK Investment Management LLC increased its stake in shares of Medtronic plc (NYSE:MDT) by 24.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 47,118 shares of the medical technology company’s stock after purchasing an additional 9,258 shares during the quarter. Medtronic makes up approximately 1.7% of DLK Investment Management LLC’s portfolio, making the stock its 26th largest position. DLK Investment Management LLC’s holdings in Medtronic were worth $4,106,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Boyar Asset Management Inc. lifted its stake in Medtronic by 2.6% in the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock valued at $383,000 after acquiring an additional 120 shares during the last quarter. Marino Stram & Associates LLC lifted its stake in Medtronic by 1.8% in the fourth quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock valued at $587,000 after acquiring an additional 126 shares during the last quarter. Angeles Investment Advisors LLC lifted its stake in Medtronic by 1.0% in the fourth quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock valued at $1,046,000 after acquiring an additional 128 shares during the last quarter. Rogco LP lifted its stake in Medtronic by 1.9% in the fourth quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock valued at $561,000 after acquiring an additional 129 shares during the last quarter. Finally, Verity Asset Management Inc. lifted its stake in Medtronic by 4.3% in the fourth quarter. Verity Asset Management Inc. now owns 3,194 shares of the medical technology company’s stock valued at $263,000 after acquiring an additional 132 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the sale, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction dated 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 directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

MDT stock traded down $1.00 on Wednesday, reaching $79.41. 1,086,212 shares of the company were exchanged, compared to its average volume of 6,260,604. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00. The stock’s fifty day moving average price is $81.85 and its 200 day moving average price is $83.56. The firm has a market capitalization of $101.83 billion, a PE ratio of 28.83, a PEG ratio of 2.34 and a beta of 0.83. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55.

Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The business had revenue of $8.59 billion for 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%. Medtronic’s revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.57 earnings per share. On average, research analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared 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. This represents a $2.80 annualized dividend and a yield of 3.53%. The ex-dividend date is Friday, June 28th. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is 100.36%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Truist Financial reduced their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday, May 24th. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, June 5th. Wells Fargo & Company lifted their price target 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. UBS Group lifted their price target on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, May 24th. Finally, The Goldman Sachs Group started coverage on shares of Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $93.00.

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.