RBA Wealth Management LLC Purchases 933 Shares of Medtronic plc (NYSE:MDT)

RBA Wealth Management LLC lifted its position in shares of Medtronic plc (NYSE:MDT) by 2.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 43,453 shares of the medical technology company’s stock after acquiring an additional 933 shares during the quarter. RBA Wealth Management LLC’s holdings in Medtronic were worth $3,787,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MDT. Fortitude Family Office LLC bought a new stake in Medtronic in the fourth quarter valued at about $25,000. Leith Wheeler Investment Counsel Ltd. grew its stake in Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after acquiring an additional 236,064 shares during the period. MeadowBrook Investment Advisors LLC acquired a new position in Medtronic in the fourth quarter valued at about $27,000. Financial Gravity Asset Management Inc. grew its stake in Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after acquiring an additional 279 shares during the period. Finally, Tributary Capital Management LLC acquired a new position in shares of Medtronic during the first quarter worth about $33,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT stock traded down $0.20 during trading hours on Thursday, reaching $77.17. The company’s stock had a trading volume of 2,838,401 shares, compared to its average volume of 6,333,819. The firm’s 50 day simple moving average is $81.64 and its 200-day simple moving average is $83.41. The company has a market capitalization of $98.95 billion, a price-to-earnings ratio of 28.06, a PEG ratio of 2.25 and a beta of 0.82. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. 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 issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $8.59 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the business posted $1.57 EPS. Sell-side analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.63%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Friday, June 28th. Medtronic’s payout ratio is presently 101.82%.

Insider Buying and Selling at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction that occurred 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 of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction that occurred 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 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. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MDT. UBS Group upped their price objective on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, June 5th. Truist Financial reduced their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research report on Friday, May 24th. Wells Fargo & Company increased their price target on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report 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 given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $91.70.

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.