Hartline Investment Corp Decreases Stake in Medtronic plc (NYSE:MDT)

Hartline Investment Corp lessened its stake in Medtronic plc (NYSE:MDT) by 64.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,647 shares of the medical technology company’s stock after selling 4,728 shares during the quarter. Hartline Investment Corp’s holdings in Medtronic were worth $231,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in Medtronic during the fourth quarter worth approximately $1,229,726,000. First Eagle Investment Management LLC lifted its stake in Medtronic by 54.5% during the fourth quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after purchasing an additional 3,320,800 shares during the last quarter. Morgan Stanley lifted its stake in Medtronic by 9.2% during the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after purchasing an additional 1,994,123 shares during the last quarter. Pzena Investment Management LLC lifted its stake in Medtronic by 30.9% during the fourth quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock worth $617,896,000 after purchasing an additional 1,769,985 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in Medtronic by 145.4% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock valued at $195,431,000 after buying an additional 1,405,978 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Medtronic stock traded up $0.44 during trading hours on Friday, hitting $77.61. The stock had a trading volume of 4,227,651 shares, compared to its average volume of 6,302,398. 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 plc has a 1-year low of $68.84 and a 1-year high of $91.00. The stock’s fifty day moving average is $81.60 and its two-hundred day moving average is $83.36. The stock has a market capitalization of $99.52 billion, a price-to-earnings ratio of 28.06, a PEG ratio of 2.25 and a beta of 0.82.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $8.44 billion. During the same period in the prior year, the business earned $1.57 earnings per share. The business’s revenue was up .5% on a year-over-year basis. As a group, analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.61%. Medtronic’s dividend payout ratio is 101.82%.

Insiders Place Their Bets

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly 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 is accessible through this hyperlink. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly 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 is accessible through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, June 5th. UBS Group boosted their price objective on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research note on Friday, May 24th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Truist Financial reduced their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday, May 24th. Finally, Wells Fargo & Company boosted their target price on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $91.70.

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.