Freestone Capital Holdings LLC Has $2.12 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Freestone Capital Holdings LLC raised its stake in Medtronic plc (NYSE:MDT) by 3.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,350 shares of the medical technology company’s stock after acquiring an additional 708 shares during the period. Freestone Capital Holdings LLC’s holdings in Medtronic were worth $2,122,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in shares of Medtronic by 3.5% in the 1st quarter. Bank of New York Mellon Corp now owns 21,817,063 shares of the medical technology company’s stock valued at $1,901,357,000 after purchasing an additional 727,931 shares during the last quarter. Norges Bank bought a new position in shares of Medtronic in the 4th quarter valued at $1,229,726,000. Sanders Capital LLC increased its stake in shares of 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 purchasing an additional 346,641 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Medtronic by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock worth $893,352,000 after acquiring an additional 101,111 shares during the last quarter. Finally, First Eagle Investment Management LLC grew its position in Medtronic by 54.5% during the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after acquiring an additional 3,320,800 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on MDT shares. UBS Group boosted their price objective on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. Citigroup reduced their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Truist Financial reduced their price objective on Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, July 16th. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company boosted their price objective on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $90.90.

Medtronic Trading Up 1.0 %

Shares of NYSE:MDT traded up $0.76 during midday trading on Friday, reaching $79.22. The company’s stock had a trading volume of 2,360,671 shares, compared to its average volume of 6,303,464. The firm has a market capitalization of $101.58 billion, a price-to-earnings ratio of 28.81, a PEG ratio of 2.33 and a beta of 0.82. 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 50 day moving average price of $80.51 and a two-hundred day moving average price of $82.95. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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. The company had revenue of $8.59 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the business earned $1.57 EPS. As a group, analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were paid a dividend of $0.70 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date was Friday, June 28th. Medtronic’s dividend payout ratio is 101.82%.

Insider Buying and Selling

In related news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.30% of the stock is owned by company insiders.

About Medtronic

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.