Fortis Group Advisors LLC Increases Holdings in Medtronic plc (NYSE:MDT)

Fortis Group Advisors LLC increased its holdings in shares of Medtronic plc (NYSE:MDT) by 100.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 460 shares of the medical technology company’s stock after purchasing an additional 230 shares during the quarter. Fortis Group Advisors LLC’s holdings in Medtronic were worth $38,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fortitude Family Office LLC bought a new position in shares of Medtronic during the 4th quarter valued at approximately $25,000. MeadowBrook Investment Advisors LLC bought a new position in Medtronic during the fourth quarter valued at $27,000. Financial Gravity Asset Management Inc. grew its stake in shares of Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after buying an additional 279 shares in the last quarter. Hartford Financial Management Inc. increased its holdings in shares of Medtronic by 52.1% in the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock worth $39,000 after buying an additional 164 shares during the last quarter. Finally, Missouri Trust & Investment Co raised its position in shares of Medtronic by 405.0% during the 4th quarter. Missouri Trust & Investment Co now owns 505 shares of the medical technology company’s stock valued at $42,000 after buying an additional 405 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of the business’s 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 completion of the transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the transaction, 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 document filed with the SEC, which is available at this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were 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 owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Medtronic Trading Down 0.8 %

NYSE:MDT traded down $0.62 during midday trading on Friday, hitting $81.04. The stock had a trading volume of 3,688,958 shares, compared to its average volume of 6,862,874. The stock has a 50-day moving average of $82.01 and a 200 day moving average of $83.51. The company has a market capitalization of $107.61 billion, a price-to-earnings ratio of 29.47, a PEG ratio of 2.36 and a beta of 0.83. Medtronic plc has a one year low of $68.84 and a one year 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 posted its quarterly 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 business had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the prior year, the company earned $1.57 EPS. The business’s 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 EPS for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.70 per share. 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 3.46%. Medtronic’s dividend payout ratio (DPR) is currently 100.36%.

Wall Street Analysts Forecast Growth

MDT has been the topic of several analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report 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 objective on the stock. Mizuho raised their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Wells Fargo & Company upped their price target on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Finally, Truist Financial reduced their price objective on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research report on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $93.00.

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.