Mission Wealth Management LP Acquires 718 Shares of Medtronic plc (NYSE:MDT)

Mission Wealth Management LP increased its position in Medtronic plc (NYSE:MDT) by 13.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,251 shares of the medical technology company’s stock after purchasing an additional 718 shares during the period. Mission Wealth Management LP’s holdings in Medtronic were worth $545,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in MDT. Baker Avenue Asset Management LP increased its position in shares of Medtronic by 74.9% during the 3rd quarter. Baker Avenue Asset Management LP now owns 691 shares of the medical technology company’s stock valued at $54,000 after purchasing an additional 296 shares during the last quarter. Crestwood Advisors Group LLC increased its holdings in Medtronic by 73.0% in the 3rd quarter. Crestwood Advisors Group LLC now owns 4,898 shares of the medical technology company’s stock worth $384,000 after acquiring an additional 2,067 shares during the last quarter. iA Global Asset Management Inc. purchased a new stake in Medtronic in the 3rd quarter worth about $493,000. Ramirez Asset Management Inc. purchased a new stake in Medtronic in the 3rd quarter worth about $67,000. Finally, Integrated Wealth Concepts LLC increased its holdings in Medtronic by 10.9% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 45,849 shares of the medical technology company’s stock worth $3,593,000 after acquiring an additional 4,504 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Up 0.6 %

Shares of Medtronic stock traded up $0.44 during midday trading on Friday, reaching $77.61. 4,370,078 shares of the company’s stock traded hands, compared to its average volume of 5,754,486. 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 company has a market cap of $99.52 billion, a PE ratio of 28.22, a price-to-earnings-growth ratio of 2.25 and a beta of 0.82. The stock has a 50 day moving average of $81.56 and a 200-day moving average of $83.33. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00.

Medtronic (NYSE:MDT) last posted its quarterly earnings data 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. The business had revenue of $8.59 billion during 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 firm’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.57 earnings per share. As a group, equities analysts expect 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. Stockholders of record on Friday, June 28th will be paid a $0.70 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio is currently 101.82%.

Insider Transactions at Medtronic

In other news, 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 sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, 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 sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 value 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. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MDT. Wells Fargo & Company lifted their price objective on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. The Goldman Sachs Group started coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective for the company. Truist Financial cut their target price 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 raised their target price on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, May 24th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target 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.