Coston McIsaac & Partners Buys 1,697 Shares of Medtronic plc (NYSE:MDT)

Coston McIsaac & Partners grew its stake in shares of Medtronic plc (NYSE:MDT) by 3.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,386 shares of the medical technology company’s stock after buying an additional 1,697 shares during the quarter. Medtronic accounts for approximately 1.5% of Coston McIsaac & Partners’ portfolio, making the stock its 27th largest holding. Coston McIsaac & Partners’ holdings in Medtronic were worth $4,651,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of MDT. Dark Forest Capital Management LP grew its stake in shares of Medtronic by 45.8% during the third quarter. Dark Forest Capital Management LP now owns 4,626 shares of the medical technology company’s stock valued at $362,000 after buying an additional 1,454 shares during the last quarter. Mather Group LLC. boosted its holdings in shares of Medtronic by 22.7% during the third quarter. Mather Group LLC. now owns 6,988 shares of the medical technology company’s stock worth $548,000 after purchasing an additional 1,295 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Medtronic by 69.3% during the third quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock worth $3,172,000 after purchasing an additional 16,574 shares during the period. Cape Cod Five Cents Savings Bank purchased a new stake in shares of Medtronic during the third quarter worth about $199,000. Finally, Rehmann Capital Advisory Group boosted its holdings in shares of Medtronic by 16.4% during the third quarter. Rehmann Capital Advisory Group now owns 18,349 shares of the medical technology company’s stock worth $1,438,000 after purchasing an additional 2,588 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Up 0.1 %

Shares of MDT stock traded up $0.08 during trading hours on Friday, hitting $78.71. 8,917,219 shares of the company’s stock traded hands, compared to its average volume of 6,371,193. The stock’s fifty day simple moving average is $81.85 and its two-hundred day simple moving average is $83.52. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.00. The stock has a market cap of $100.93 billion, a price-to-earnings ratio of 28.62, a PEG ratio of 2.29 and a beta of 0.83. 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 (NYSE:MDT) last released its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The firm had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same period last year, the business earned $1.57 earnings per share. The business’s revenue was up .5% on a year-over-year basis. On average, analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.56%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is presently 100.36%.

Insider Activity

In related 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 sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Michael Marinaro sold 854 shares of the firm’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 transaction of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. UBS Group increased their target price on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. Wells Fargo & Company increased their target price on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Truist Financial dropped their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a report on Friday, May 24th. The Goldman Sachs Group began coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective for the company. Finally, 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. 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $93.00.

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.