Park Edge Advisors LLC Sells 722 Shares of Medtronic plc (NYSE:MDT)

Park Edge Advisors LLC cut its holdings in Medtronic plc (NYSE:MDT) by 13.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 4,614 shares of the medical technology company’s stock after selling 722 shares during the period. Park Edge Advisors LLC’s holdings in Medtronic were worth $402,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in MDT. Morgan Stanley increased its position in Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after buying an additional 1,994,123 shares in the last quarter. Norges Bank bought a new stake in Medtronic in the 4th quarter valued at about $1,229,726,000. Sanders Capital LLC increased its position in Medtronic by 2.8% in the 4th quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock valued at $1,040,802,000 after buying an additional 346,641 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Medtronic by 0.9% in the 4th 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 buying an additional 101,111 shares in the last quarter. Finally, American Century Companies Inc. increased its position in Medtronic by 6.7% in the 3rd quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock valued at $806,883,000 after buying an additional 649,367 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Activity at Medtronic

In other 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 completion of the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Medtronic news, 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Geoffrey Martha sold 19,113 shares of the firm’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 transaction, 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 insiders.

Medtronic Price Performance

Shares of Medtronic stock traded down $0.20 during trading on Thursday, hitting $77.17. The stock had a trading volume of 2,838,401 shares, compared to its average volume of 6,333,819. The firm has a market cap of $98.95 billion, a price-to-earnings ratio of 28.06, a P/E/G ratio of 2.25 and a beta of 0.82. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00. The business’s 50-day moving average is $81.64 and its 200 day moving average is $83.41. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDT) last released its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating 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 return on equity of 13.47% and a net margin of 11.36%. The firm’s revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.57 earnings per share. As a group, sell-side analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend is Friday, June 28th. This is a boost from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is currently 101.82%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MDT shares. Wells Fargo & Company boosted their target price on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. The Goldman Sachs Group began coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective on the stock. Truist Financial lowered their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday, May 24th. UBS Group boosted their target price on shares of 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 equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus price target of $91.70.

Medtronic Company 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.