Medtronic plc (NYSE:MDT) Shares Bought by Running Oak Capital LLC

Running Oak Capital LLC lifted its holdings in shares of Medtronic plc (NYSE:MDT) by 16.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 110,399 shares of the medical technology company’s stock after acquiring an additional 15,262 shares during the quarter. Running Oak Capital LLC’s holdings in Medtronic were worth $9,621,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of MDT. FMR LLC increased its position in shares of Medtronic by 5.8% during the third quarter. FMR LLC now owns 1,590,041 shares of the medical technology company’s stock worth $124,596,000 after acquiring an additional 87,412 shares during the last quarter. CenterBook Partners LP increased its holdings in Medtronic by 23.0% in the third quarter. CenterBook Partners LP now owns 18,173 shares of the medical technology company’s stock valued at $1,424,000 after buying an additional 3,399 shares during the last quarter. Rathbones Group PLC increased its holdings in Medtronic by 3.6% in the third quarter. Rathbones Group PLC now owns 24,924 shares of the medical technology company’s stock valued at $1,953,000 after buying an additional 877 shares during the last quarter. Dark Forest Capital Management LP increased its holdings in Medtronic by 45.8% in the third quarter. Dark Forest Capital Management LP now owns 4,626 shares of the medical technology company’s stock valued at $362,000 after buying an additional 1,454 shares during the last quarter. Finally, LPL Financial LLC increased its holdings in Medtronic by 6.2% in the third quarter. LPL Financial LLC now owns 1,233,611 shares of the medical technology company’s stock valued at $96,666,000 after buying an additional 71,570 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’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 of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

Medtronic Price Performance

MDT traded up $1.47 during trading on Friday, reaching $81.64. The stock had a trading volume of 11,096,007 shares, compared to its average volume of 6,170,630. The firm has a market capitalization of $108.40 billion, a price-to-earnings ratio of 29.69, a price-to-earnings-growth ratio of 2.34 and a beta of 0.83. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.00. The stock has a 50 day moving average of $81.81 and a two-hundred day moving average of $83.51.

Medtronic (NYSE:MDT) last released its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $8.59 billion during 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 for the quarter was up .5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.57 earnings per share. As a group, equities analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.70 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.43%. This is a boost from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is currently 100.36%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MDT. Truist Financial lowered their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a report on Friday, May 24th. UBS Group upped their target price on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday, June 5th. Finally, The Goldman Sachs Group started coverage on Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $93.00.

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.