Leonard Rickey Investment Advisors P.L.L.C. Purchases New Holdings in Medtronic plc (NYSE:MDT)

Leonard Rickey Investment Advisors P.L.L.C. acquired a new position in Medtronic plc (NYSE:MDT) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 2,309 shares of the medical technology company’s stock, valued at approximately $201,000.

Other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its holdings in Medtronic by 14.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 887,610 shares of the medical technology company’s stock valued at $77,355,000 after acquiring an additional 113,125 shares during the period. Tributary Capital Management LLC purchased a new stake in shares of Medtronic during the first quarter valued at $33,000. Claro Advisors LLC grew its holdings in shares of Medtronic by 34.8% in the first quarter. Claro Advisors LLC now owns 13,627 shares of the medical technology company’s stock worth $1,188,000 after purchasing an additional 3,520 shares during the last quarter. Talbot Financial LLC increased its stake in Medtronic by 9.3% in the 1st quarter. Talbot Financial LLC now owns 113,022 shares of the medical technology company’s stock worth $9,850,000 after buying an additional 9,642 shares during the period. Finally, Oliver Luxxe Assets LLC bought a new stake in Medtronic during the 1st quarter valued at about $5,121,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction 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 owns 143,348 shares of the company’s stock, valued at $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 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 directly owns 27,925 shares in the company, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. The Goldman Sachs Group initiated coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target for the company. Truist Financial cut their price target on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research note on Friday, May 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, June 5th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Finally, UBS Group increased their price objective on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research note on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $91.70.

Medtronic Stock Down 0.5 %

NYSE:MDT traded down $0.40 during midday trading on Tuesday, reaching $76.72. 2,698,174 shares of the stock traded hands, compared to its average volume of 6,311,245. The stock has a market capitalization of $98.38 billion, a PE ratio of 27.92, a price-to-earnings-growth ratio of 2.29 and a beta of 0.82. Medtronic plc has a 12-month low of $68.84 and a 12-month 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 business has a 50-day moving average of $81.85 and a two-hundred day moving average of $83.53.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share 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 return on equity of 13.47% and a net margin of 11.36%. The company’s revenue was up .5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.57 earnings per share. On average, equities analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, June 28th. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.65%. Medtronic’s payout ratio is 101.82%.

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.