Medtronic plc (NYSE:MDT) Shares Purchased by Raymond James & Associates

Raymond James & Associates lifted its position in Medtronic plc (NYSE:MDT) by 5.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,246,361 shares of the medical technology company’s stock after acquiring an additional 336,618 shares during the quarter. Raymond James & Associates owned 0.49% of Medtronic worth $491,651,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC raised its holdings in Medtronic by 2.5% during the fourth quarter. International Assets Investment Management LLC now owns 12,607 shares of the medical technology company’s stock worth $1,039,000 after purchasing an additional 302 shares in the last quarter. Tennessee Valley Asset Management Partners acquired a new stake in shares of Medtronic in the fourth quarter valued at $60,000. TRUE Private Wealth Advisors bought a new position in Medtronic during the fourth quarter valued at about $355,000. Rakuten Securities Inc. acquired a new position in Medtronic during the fourth quarter worth about $49,000. Finally, Daiwa Securities Group Inc. raised its position in Medtronic by 8.1% in the fourth quarter. Daiwa Securities Group Inc. now owns 123,018 shares of the medical technology company’s stock worth $10,135,000 after acquiring an additional 9,245 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction dated 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 sale, 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 filing with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by company insiders.

Medtronic Stock Up 1.1 %

Shares of NYSE:MDT traded up $0.95 during midday trading on Friday, reaching $84.60. 5,374,797 shares of the company were exchanged, compared to its average volume of 6,239,440. The firm has a market cap of $108.48 billion, a PE ratio of 30.76, a P/E/G ratio of 2.35 and a beta of 0.82. 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 plc has a fifty-two week low of $68.84 and a fifty-two week high of $89.18. The stock has a fifty day simple moving average of $80.00 and a two-hundred day simple moving average of $82.34.

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, beating analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. During the same period in the prior year, the firm earned $1.57 EPS. Medtronic’s quarterly revenue was up .5% compared to the same quarter last year. As a group, sell-side analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

Analyst Upgrades and Downgrades

MDT has been the subject of several research reports. The Goldman Sachs Group started coverage on shares of Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective for the company. Truist Financial decreased their price target on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, July 16th. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and upped their price target for the company from $76.00 to $90.00 in a report on Thursday. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, July 17th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $91.30.

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.