NORTHSTAR ASSET MANAGEMENT Co LLC Sells 210 Shares of Medtronic plc (NYSE:MDT)

NORTHSTAR ASSET MANAGEMENT Co LLC lessened its stake in Medtronic plc (NYSE:MDT) by 2.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,775 shares of the medical technology company’s stock after selling 210 shares during the quarter. NORTHSTAR ASSET MANAGEMENT Co LLC’s holdings in Medtronic were worth $769,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Norges Bank bought a new stake in Medtronic during the 4th quarter valued at $1,229,726,000. First Eagle Investment Management LLC raised its holdings 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 valued at $775,169,000 after acquiring an additional 3,320,800 shares during the period. M&G Plc purchased a new position in shares of Medtronic during the 1st quarter valued at $259,160,000. Capital Research Global Investors grew its position in shares of Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after purchasing an additional 2,044,109 shares in the last quarter. Finally, Pzena Investment Management LLC grew its position in shares of Medtronic by 30.9% during the 4th quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock valued at $617,896,000 after purchasing an additional 1,769,985 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Medtronic Trading Up 1.1 %

MDT stock traded up $0.95 during trading on Friday, reaching $84.60. The company had a trading volume of 5,374,797 shares, compared to its average volume of 6,239,440. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $89.18. The company has a market cap of $108.48 billion, a P/E ratio of 30.76, a PEG ratio of 2.35 and a beta of 0.82. The business has a 50 day moving average of $80.00 and a 200 day moving average of $82.34. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55.

Medtronic (NYSE:MDT) last released 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. The company had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. Medtronic’s revenue was up .5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.57 earnings per share. As a group, sell-side analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.31%. Medtronic’s payout ratio is presently 101.82%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Citigroup reduced their price target 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. Truist Financial cut their target price 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. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and upped their target price for the stock from $76.00 to $90.00 in a research report on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Monday, August 12th. Finally, Stifel Nicolaus lowered shares of Medtronic from a “buy” rating to a “hold” rating and cut their target price for the stock from $100.00 to $85.00 in a research report on Wednesday. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $91.30.

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.