Commerce Bank Acquires 2,622 Shares of Medtronic plc (NYSE:MDT)

Commerce Bank boosted its holdings in Medtronic plc (NYSE:MDT) by 1.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 173,345 shares of the medical technology company’s stock after acquiring an additional 2,622 shares during the quarter. Commerce Bank’s holdings in Medtronic were worth $15,107,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Boyar Asset Management Inc. increased its stake in shares of Medtronic by 2.6% during the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after purchasing an additional 120 shares in the last quarter. Hall Laurie J Trustee increased its stake in shares of Medtronic by 0.3% during the first quarter. Hall Laurie J Trustee now owns 44,015 shares of the medical technology company’s stock worth $3,835,000 after purchasing an additional 125 shares in the last quarter. Quent Capital LLC increased its stake in shares of Medtronic by 8.0% during the first quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after purchasing an additional 125 shares in the last quarter. Marino Stram & Associates LLC increased its stake in shares of Medtronic by 1.8% during the fourth quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock worth $587,000 after purchasing an additional 126 shares in the last quarter. Finally, Angeles Investment Advisors LLC increased its stake in shares of Medtronic by 1.0% during the fourth quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock worth $1,046,000 after purchasing an additional 128 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the 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 directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

Medtronic Stock Down 0.3 %

MDT traded down $0.21 during trading hours on Wednesday, hitting $76.67. 3,221,871 shares of the company’s stock were exchanged, compared to its average volume of 6,273,377. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.00. The firm has a 50 day moving average of $81.41 and a 200 day moving average of $83.28. The firm has a market cap of $98.31 billion, a P/E ratio of 27.88, a price-to-earnings-growth ratio of 2.24 and a beta of 0.82. 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 (NYSE:MDT) last announced its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $8.44 billion. During the same period in the prior year, the firm earned $1.57 EPS. The firm’s revenue for the quarter was up .5% on a year-over-year basis. Analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a $0.70 dividend. The ex-dividend date is Friday, June 28th. This is an increase 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 dividend payout ratio is currently 101.82%.

Analysts Set New Price Targets

A number of analysts have recently commented on MDT shares. Wells Fargo & Company boosted their target price on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. The Goldman Sachs Group began coverage on shares of Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. Truist Financial decreased their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday, May 24th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, June 5th. Two 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 stock. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus price target of $91.70.

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.