Medtronic plc (NYSE:MDT) Shares Sold by PrairieView Partners LLC

PrairieView Partners LLC trimmed its stake in Medtronic plc (NYSE:MDT) by 43.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,964 shares of the medical technology company’s stock after selling 3,052 shares during the quarter. PrairieView Partners LLC’s holdings in Medtronic were worth $346,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Fortitude Family Office LLC acquired a new position in Medtronic in the fourth quarter valued at $25,000. LifeSteps Financial Inc. acquired a new position in Medtronic in the first quarter valued at $27,000. MeadowBrook Investment Advisors LLC acquired a new position in Medtronic in the fourth quarter valued at $27,000. Financial Gravity Asset Management Inc. increased its stake in Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after purchasing an additional 279 shares during the last quarter. Finally, Tributary Capital Management LLC acquired a new position in Medtronic in the first quarter valued at $33,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MDT shares. The Goldman Sachs Group began coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price for the company. Citigroup lowered their price target on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Truist Financial lowered their price target on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research report on Friday, May 24th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, June 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $91.09.

Medtronic Stock Up 1.3 %

Shares of NYSE:MDT traded up $0.99 during trading on Thursday, hitting $78.05. The company’s stock had a trading volume of 6,224,569 shares, compared to its average volume of 6,299,632. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. The stock’s 50-day moving average price is $81.33 and its two-hundred day moving average price is $83.24. The company has a market capitalization of $100.08 billion, a PE ratio of 28.02, a PEG ratio of 2.24 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, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $8.44 billion. During the same period in the prior year, the company posted $1.57 EPS. The business’s revenue for the quarter was up .5% compared to the same quarter last year. As a group, sell-side analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.70 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the 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 of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

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.