Grandfield & Dodd LLC Sells 38,661 Shares of Medtronic plc (NYSE:MDT)

Grandfield & Dodd LLC trimmed its position in shares of Medtronic plc (NYSE:MDT) by 18.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 166,467 shares of the medical technology company’s stock after selling 38,661 shares during the quarter. Grandfield & Dodd LLC’s holdings in Medtronic were worth $14,508,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Equity Investment Corp lifted its position in shares of Medtronic by 27.9% during the fourth quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock worth $110,478,000 after purchasing an additional 292,459 shares in the last quarter. Loudon Investment Management LLC lifted its position in shares of Medtronic by 9.5% during the fourth quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock worth $786,000 after purchasing an additional 874 shares in the last quarter. BKM Wealth Management LLC acquired a new position in shares of Medtronic during the fourth quarter worth approximately $941,000. Chemung Canal Trust Co. lifted its position in shares of Medtronic by 1,467.5% during the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after purchasing an additional 44,846 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in shares of Medtronic by 8,340.3% during the fourth quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock worth $85,558,000 after purchasing an additional 1,026,274 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of Medtronic 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 sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MDT. Wells Fargo & Company upped their target price on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Truist Financial cut their price objective 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. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. The Goldman Sachs Group initiated coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective on the stock. Finally, Citigroup cut their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $91.09.

Medtronic Trading Up 1.3 %

NYSE:MDT traded up $0.99 during trading hours on Thursday, hitting $78.05. The stock had a trading volume of 6,224,569 shares, compared to its average volume of 6,299,632. Medtronic plc has a one year low of $68.84 and a one year 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 company has a market cap of $100.08 billion, a price-to-earnings ratio of 28.38, a P/E/G ratio of 2.24 and a beta of 0.82. The business’s 50 day moving average is $81.28 and its 200-day moving average is $83.20.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating the consensus estimate of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. 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 prior year, the firm earned $1.57 earnings per share. The business’s quarterly revenue was up .5% on a year-over-year basis. Sell-side analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal 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 paid a $0.70 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.59%. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

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.