Prairie Sky Financial Group LLC Invests $207,000 in Medtronic plc (NYSE:MDT)

Prairie Sky Financial Group LLC purchased a new stake in shares of Medtronic plc (NYSE:MDT) during the first quarter, HoldingsChannel.com reports. The firm purchased 2,374 shares of the medical technology company’s stock, valued at approximately $207,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Boyar Asset Management Inc. lifted its stake in shares of Medtronic by 2.6% in the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after buying an additional 120 shares in the last quarter. Marino Stram & Associates LLC boosted its position in shares of Medtronic by 1.8% during the 4th 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 grew its holdings in shares of 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 purchasing an additional 128 shares during the period. Rogco LP increased its position in Medtronic by 1.9% during the fourth quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock worth $561,000 after purchasing an additional 129 shares during the last quarter. Finally, Verity Asset Management Inc. boosted its holdings in Medtronic by 4.3% in the 4th quarter. Verity Asset Management Inc. now owns 3,194 shares of the medical technology company’s stock valued at $263,000 after purchasing an additional 132 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Insider Activity

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the company’s 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 transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Geoffrey Martha sold 19,113 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction that occurred on 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 directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MDT. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. The Goldman Sachs Group began coverage on Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, June 5th. UBS Group boosted their price objective on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. Finally, Truist Financial cut their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research note on Friday, May 24th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $93.00.

Medtronic Stock Performance

Shares of NYSE:MDT traded down $0.72 during trading on Thursday, reaching $79.33. The company had a trading volume of 7,764,753 shares, compared to its average volume of 6,312,905. The stock’s fifty day moving average price is $81.87 and its 200 day moving average price is $83.53. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. 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 firm has a market capitalization of $101.72 billion, a price-to-earnings ratio of 28.68, a price-to-earnings-growth ratio of 2.34 and a beta of 0.83.

Medtronic (NYSE:MDT) last issued its quarterly 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. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same period in the previous year, the business posted $1.57 earnings per share. The business’s revenue was up .5% compared to the same quarter last year. As a group, equities research analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a dividend of $0.70 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a dividend yield of 3.53%. The ex-dividend date is Friday, June 28th. Medtronic’s payout ratio is presently 100.36%.

Medtronic Company 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.