Baillie Gifford & Co. Cuts Position in Medtronic plc (NYSE:MDT)

Baillie Gifford & Co. decreased its holdings in Medtronic plc (NYSE:MDT) by 1.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 472,655 shares of the medical technology company’s stock after selling 6,089 shares during the period. Baillie Gifford & Co.’s holdings in Medtronic were worth $41,192,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Fortitude Family Office LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at about $25,000. Leith Wheeler Investment Counsel Ltd. boosted its position in Medtronic by 293.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 236,064 shares during the last quarter. MeadowBrook Investment Advisors LLC acquired a new stake in Medtronic during the fourth quarter worth approximately $27,000. LifeSteps Financial Inc. purchased a new position in Medtronic during the first quarter worth approximately $27,000. Finally, Financial Gravity Asset Management Inc. raised its stake in Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 279 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MDT shares. The Goldman Sachs Group started coverage on shares of Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price for the company. Truist Financial reduced their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday, May 24th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, June 5th. Finally, Wells Fargo & Company upped their price objective on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $91.70.

Insider Activity

In related 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 completion of the sale, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 value of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was 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 in the company, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Medtronic Trading Up 0.6 %

NYSE:MDT traded up $0.44 on Friday, reaching $77.61. 4,370,078 shares of the stock traded hands, compared to its average volume of 5,754,486. The firm has a market capitalization of $99.52 billion, a price-to-earnings ratio of 28.22, a price-to-earnings-growth ratio of 2.25 and a beta of 0.82. The company’s 50 day moving average is $81.56 and its 200-day moving average is $83.33. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.00.

Medtronic (NYSE:MDT) last issued its 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 return on equity of 13.47% and a net margin of 11.36%. The company had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. During the same period last year, the business earned $1.57 EPS. Medtronic’s quarterly revenue was up .5% compared to the same quarter last year. Equities research analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal 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 issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date is Friday, June 28th. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is presently 101.82%.

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.