TrueMark Investments LLC Cuts Holdings in Medtronic plc (NYSE:MDT)

TrueMark Investments LLC lowered its holdings in Medtronic plc (NYSE:MDT) by 1.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 20,334 shares of the medical technology company’s stock after selling 372 shares during the quarter. TrueMark Investments LLC’s holdings in Medtronic were worth $1,772,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in MDT. Future Financial Wealth Managment LLC acquired a new stake in shares of Medtronic in the 1st quarter valued at about $152,000. Sunbelt Securities Inc. lifted its position in Medtronic by 124.9% during the 1st quarter. Sunbelt Securities Inc. now owns 3,128 shares of the medical technology company’s stock worth $273,000 after acquiring an additional 1,737 shares during the period. IAM Advisory LLC acquired a new stake in Medtronic during the 1st quarter worth approximately $202,000. Mcdonald Partners LLC lifted its position in Medtronic by 1.5% during the 1st quarter. Mcdonald Partners LLC now owns 11,188 shares of the medical technology company’s stock worth $975,000 after acquiring an additional 167 shares during the period. Finally, F&V Capital Management LLC lifted its position in Medtronic by 1.2% during the 1st quarter. F&V Capital Management LLC now owns 167,080 shares of the medical technology company’s stock worth $14,561,000 after acquiring an additional 2,000 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MDT shares. The Goldman Sachs Group started coverage on Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective for the company. Wells Fargo & Company increased their price objective on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Truist Financial reduced their price target on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a report on Friday, May 24th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, June 5th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $93.00.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated 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 owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 value of $1,601,096.01. Following the completion of 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 disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

Medtronic Trading Down 0.8 %

MDT stock traded down $0.61 during trading on Tuesday, reaching $80.43. 5,323,233 shares of the stock traded hands, compared to its average volume of 6,303,333. The business’s 50 day moving average price is $81.85 and its 200-day moving average price is $83.56. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.00. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. The firm has a market capitalization of $103.13 billion, a PE ratio of 29.25, a P/E/G ratio of 2.38 and a beta of 0.83.

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, beating 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 firm had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the previous year, the business earned $1.57 earnings per share. The firm’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 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date is Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is 100.36%.

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.