Thrive Wealth Management LLC Lowers Position in Medtronic plc (NYSE:MDT)

Thrive Wealth Management LLC cut its stake in Medtronic plc (NYSE:MDT) by 5.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 6,256 shares of the medical technology company’s stock after selling 328 shares during the quarter. Thrive Wealth Management LLC’s holdings in Medtronic were worth $545,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of MDT. Boyar Asset Management Inc. increased its position 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 valued at $383,000 after acquiring an additional 120 shares during the last quarter. Marino Stram & Associates LLC increased its position 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 valued at $587,000 after acquiring an additional 126 shares during the last quarter. Angeles Investment Advisors LLC increased its position 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 valued at $1,046,000 after acquiring an additional 128 shares during the last quarter. Rogco LP increased its position in shares of Medtronic by 1.9% during the fourth quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock valued at $561,000 after acquiring an additional 129 shares during the last quarter. Finally, Verity Asset Management Inc. increased its position in shares of Medtronic by 4.3% during the fourth quarter. Verity Asset Management Inc. now owns 3,194 shares of the medical technology company’s stock valued at $263,000 after acquiring an additional 132 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MDT. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, June 5th. The Goldman Sachs Group initiated coverage on Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target for the company. Wells Fargo & Company increased their price objective on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. UBS Group increased their price objective on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $93.00.

Medtronic Stock Performance

Shares of Medtronic stock traded down $0.75 during trading hours on Friday, reaching $78.58. The company had a trading volume of 400,282 shares, compared to its average volume of 6,265,242. Medtronic plc has a one year low of $68.84 and a one year high of $91.00. The business has a fifty day simple moving average of $81.87 and a 200 day simple moving average of $83.53. 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 cap of $100.76 billion, a PE ratio of 28.85, a price-to-earnings-growth ratio of 2.33 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 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 firm had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same period last year, the company earned $1.57 earnings per share. The business’s revenue for the quarter was up .5% on a year-over-year basis. On average, analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a dividend of $0.70 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.80 annualized dividend and a yield of 3.56%. Medtronic’s dividend payout ratio (DPR) is currently 100.36%.

Insider Activity at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction on Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction on Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

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.