State of Alaska Department of Revenue Sells 14,270 Shares of Medtronic plc (NYSE:MDT)

State of Alaska Department of Revenue lessened its stake in shares of Medtronic plc (NYSE:MDT) by 7.0% in the first quarter, Holdings Channel reports. The institutional investor owned 190,960 shares of the medical technology company’s stock after selling 14,270 shares during the period. State of Alaska Department of Revenue’s holdings in Medtronic were worth $16,641,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Boyar Asset Management Inc. grew its position in Medtronic by 2.6% during the 4th quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock valued at $383,000 after purchasing an additional 120 shares during the last quarter. Marino Stram & Associates LLC grew its holdings 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 buying 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 in the last quarter. Rogco LP raised its holdings in Medtronic by 1.9% in the 4th quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock worth $561,000 after acquiring an additional 129 shares during the last quarter. Finally, Verity Asset Management Inc. boosted its stake in Medtronic by 4.3% during the 4th quarter. Verity Asset Management Inc. now owns 3,194 shares of the medical technology company’s stock valued at $263,000 after purchasing an additional 132 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insiders Place Their Bets

In other news, 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 transaction, 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 SEC, which is accessible through this hyperlink. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business’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 owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 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 currently owned by company insiders.

Wall Street Analyst Weigh In

MDT has been the subject of a number of recent analyst reports. UBS Group boosted their target price on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. The Goldman Sachs Group initiated coverage on shares of Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective for the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, June 5th. Wells Fargo & Company increased their price target on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $91.70.

Medtronic Stock Performance

Shares of NYSE MDT traded down $0.18 during trading on Wednesday, hitting $77.19. The company had a trading volume of 2,838,400 shares, compared to its average volume of 6,318,653. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The firm has a market capitalization of $98.98 billion, a P/E ratio of 28.06, a price-to-earnings-growth ratio of 2.29 and a beta of 0.82. The stock has a 50 day simple moving average of $81.71 and a 200 day simple moving average of $83.45.

Medtronic (NYSE:MDT) last released 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 company 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 firm’s revenue was up .5% compared to the same quarter last year. During the same quarter last year, the business earned $1.57 EPS. As a group, 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 issued a $0.70 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.80 annualized dividend and a yield of 3.63%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is currently 101.82%.

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.