Bahl & Gaynor Inc. lowered its stake in Medtronic plc (NYSE:MDT – Free Report) by 45.5% during the first quarter, HoldingsChannel reports. The firm owned 73,108 shares of the medical technology company’s stock after selling 61,008 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Medtronic were worth $6,371,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also modified their holdings of MDT. BKM Wealth Management LLC acquired a new position in shares of Medtronic in the fourth quarter valued at approximately $941,000. OneAscent Financial Services LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at approximately $201,000. Fortitude Family Office LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at approximately $25,000. Advisor Resource Council purchased a new stake in shares of Medtronic in the fourth quarter valued at approximately $281,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at approximately $131,000. Institutional investors and hedge funds own 82.06% of the company’s stock.
Medtronic Trading Up 0.0 %
NYSE:MDT traded up $0.01 on Tuesday, hitting $79.31. 3,069,529 shares of the stock were exchanged, compared to its average volume of 6,321,899. The stock has a market cap of $101.70 billion, a PE ratio of 28.81, a PEG ratio of 2.32 and a beta of 0.82. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The stock has a fifty day moving average of $80.85 and a 200-day moving average of $83.04. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00.
Medtronic Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.53%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio (DPR) is 101.82%.
Insider Activity
In other news, CEO Geoffrey Martha sold 19,113 shares of the 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 sale, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.30% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on the company. UBS Group upped their price objective on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, May 24th. Citigroup dropped their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. 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 target price for the company. Wells Fargo & Company upped their target price on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Finally, Truist Financial dropped their target price on Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, July 16th. Two equities 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $90.90.
View Our Latest Report on Medtronic
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.
Recommended Stories
- Five stocks we like better than Medtronic
- Canada Bond Market Holiday: How to Invest and Trade
- ScottsMiracle-Gro Stock Blooms After Investor Day Optimism
- What Are Dividends? Buy the Best Dividend Stocks
- Leading Beverage Company’s Stock Bubbles Higher: Rally Ahead
- How to Calculate Stock Profit
- Can This Meme Stock Stage One Last Rally?
Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic plc (NYSE:MDT – Free Report).
Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.