Medtronic plc (NYSE:MDT) Shares Sold by Bahl & Gaynor Inc.

Bahl & Gaynor Inc. lowered its stake in Medtronic plc (NYSE:MDT) 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 (NYSE:MDT) last posted its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same quarter last year, the firm earned $1.57 earnings per share. The company’s revenue for the quarter was up .5% compared to the same quarter last year. As a group, equities analysts expect that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

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.

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.