MQS Management LLC Invests $503,000 in Medtronic plc (NYSE:MDT)

MQS Management LLC acquired a new position in Medtronic plc (NYSE:MDT) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,776 shares of the medical technology company’s stock, valued at approximately $503,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Boyar Asset Management Inc. increased its stake in shares of Medtronic by 2.6% in the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after acquiring an additional 120 shares during the period. Hall Laurie J Trustee increased its position in Medtronic by 0.3% during the first quarter. Hall Laurie J Trustee now owns 44,015 shares of the medical technology company’s stock worth $3,835,000 after purchasing an additional 125 shares during the last quarter. Quent Capital LLC increased its position in Medtronic by 8.0% during the first quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after purchasing an additional 125 shares during the last quarter. Abbrea Capital LLC increased its position in Medtronic by 2.5% during the first quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock worth $446,000 after purchasing an additional 125 shares during the last quarter. Finally, Marino Stram & Associates LLC increased its position in Medtronic by 1.8% during the fourth quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock worth $587,000 after purchasing an additional 126 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company raised their price objective 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. Citigroup cut their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, July 17th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Finally, Truist Financial dropped their price target on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, July 16th. Two 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 data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus target price of $90.90.

Medtronic Stock Down 1.9 %

Shares of MDT stock traded down $1.54 during trading on Thursday, reaching $78.43. The company’s stock had a trading volume of 6,356,485 shares, compared to its average volume of 6,331,214. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.00. The stock’s 50-day moving average price is $80.51 and its 200 day moving average price is $82.95. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. The company has a market capitalization of $100.57 billion, a price-to-earnings ratio of 28.52, a P/E/G ratio of 2.31 and a beta of 0.82.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the previous year, the firm earned $1.57 earnings per share. The firm’s quarterly revenue was up .5% on a year-over-year basis. On average, research analysts anticipate that Medtronic plc will post 5.44 EPS 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 $0.70 dividend. The ex-dividend date was Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.57%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is currently 101.82%.

Insider Buying and Selling

In related news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.30% of the stock is owned by insiders.

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.