Medtronic plc (NYSE:MDT) Position Trimmed by Thrive Wealth Management LLC

Thrive Wealth Management LLC lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 5.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,256 shares of the medical technology company’s stock after selling 328 shares during the quarter. Thrive Wealth Management LLC’s holdings in Medtronic were worth $545,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Fortitude Family Office LLC purchased a new position in Medtronic during the 4th quarter valued at about $25,000. MeadowBrook Investment Advisors LLC bought a new stake in shares of Medtronic in the 4th quarter valued at approximately $27,000. Financial Gravity Asset Management Inc. grew its stake in shares of Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after buying an additional 279 shares in the last quarter. Riverview Trust Co bought a new stake in shares of Medtronic in the 1st quarter valued at approximately $39,000. Finally, Fortis Group Advisors LLC grew its stake in shares of Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after buying an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT traded down $0.75 during mid-day trading on Friday, hitting $78.58. The company’s stock had a trading volume of 400,282 shares, compared to its average volume of 6,265,242. Medtronic plc has a one year low of $68.84 and a one year high of $91.00. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The firm has a market capitalization of $100.76 billion, a PE ratio of 28.85, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. The stock’s 50-day moving average is $81.87 and its two-hundred day moving average is $83.53.

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

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.56%. This is a boost from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio is currently 100.36%.

Insider Activity at Medtronic

In related 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 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $83.77, for a total value 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 disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MDT shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research note on Wednesday, June 5th. Truist Financial lowered their price target on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday, May 24th. UBS Group boosted their price target on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research note on Friday, May 24th. The Goldman Sachs Group assumed coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Two research 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, the company has an average rating of “Hold” and an average price target of $93.00.

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.