Azzad Asset Management Inc. ADV Raises Stake in Medtronic plc (NYSE:MDT)

Azzad Asset Management Inc. ADV boosted its stake in Medtronic plc (NYSE:MDT) by 1.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 58,752 shares of the medical technology company’s stock after purchasing an additional 937 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Medtronic were worth $5,120,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Morgan Stanley grew its holdings in Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after purchasing an additional 1,994,123 shares during the period. Norges Bank purchased a new stake in Medtronic in the fourth quarter valued at approximately $1,229,726,000. Sanders Capital LLC grew its holdings in Medtronic by 2.8% in the fourth quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock valued at $1,040,802,000 after purchasing an additional 346,641 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Medtronic by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock valued at $893,352,000 after purchasing an additional 101,111 shares during the period. Finally, American Century Companies Inc. grew its holdings in Medtronic by 6.7% in the third quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock valued at $806,883,000 after purchasing an additional 649,367 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Up 0.3 %

Shares of NYSE MDT traded up $0.23 during trading on Wednesday, reaching $77.60. 1,216,998 shares of the stock were exchanged, compared to its average volume of 6,305,887. The business’s 50-day moving average price is $81.71 and its 200 day moving average price is $83.45. Medtronic plc has a twelve month low of $68.84 and a twelve month 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. The company has a market capitalization of $99.50 billion, a price-to-earnings ratio of 28.10, a price-to-earnings-growth ratio of 2.29 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its 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. The business had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.57 earnings per share. As a group, equities analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, June 28th. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.61%. Medtronic’s dividend payout ratio is currently 101.82%.

Insider Activity at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of the company’s 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 $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Michael Marinaro sold 854 shares of the firm’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 transaction, the executive vice president now owns 27,925 shares in the company, 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.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on MDT shares. UBS Group boosted their price objective on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, May 24th. The Goldman Sachs Group started coverage on shares of Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective for the company. Wells Fargo & Company boosted their price objective 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. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Finally, Truist Financial decreased their price objective on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday, May 24th. Two equities 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 company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $91.70.

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.