Medtronic plc (NYSE:MDT) Shares Purchased by Cambridge Trust Co.

Cambridge Trust Co. increased its position in shares of Medtronic plc (NYSE:MDT) by 4.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,936 shares of the medical technology company’s stock after acquiring an additional 813 shares during the period. Cambridge Trust Co.’s holdings in Medtronic were worth $1,737,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Pathway Financial Advisers LLC purchased a new position in Medtronic during the 1st quarter worth approximately $3,360,000. Verity Asset Management Inc. grew its stake in shares of Medtronic by 73.4% in the 1st quarter. Verity Asset Management Inc. now owns 5,538 shares of the medical technology company’s stock valued at $483,000 after purchasing an additional 2,344 shares during the last quarter. Cetera Advisor Networks LLC grew its stake in shares of Medtronic by 4.5% in the 1st quarter. Cetera Advisor Networks LLC now owns 252,106 shares of the medical technology company’s stock valued at $21,971,000 after purchasing an additional 10,890 shares during the last quarter. Cetera Advisors LLC boosted its stake in shares of Medtronic by 63.3% in the first quarter. Cetera Advisors LLC now owns 83,977 shares of the medical technology company’s stock valued at $7,319,000 after buying an additional 32,564 shares in the last quarter. Finally, Community Trust & Investment Co. boosted its stake in shares of Medtronic by 16.2% in the first quarter. Community Trust & Investment Co. now owns 38,418 shares of the medical technology company’s stock valued at $3,348,000 after buying an additional 5,342 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Buying and Selling

In related news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the sale, the chief executive officer now 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 at the SEC website. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

MDT has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price target on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Truist Financial reduced their price objective on Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a report on Tuesday, July 16th. Citigroup reduced their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, July 17th. Finally, UBS Group boosted their price target on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $90.90.

Medtronic Trading Up 1.3 %

MDT stock traded up $1.02 during trading on Friday, reaching $81.51. 5,057,940 shares of the stock traded hands, compared to its average volume of 6,335,373. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $89.18. The business’s 50 day moving average price is $80.04 and its 200-day moving average price is $82.67. 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 firm has a market capitalization of $104.52 billion, a PE ratio of 29.64, a P/E/G ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping 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 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 prior year, the business earned $1.57 earnings per share. The company’s revenue was up .5% compared to the same quarter last year. As a group, sell-side analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The firm 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. This is a boost from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date was Friday, June 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.44%. Medtronic’s payout ratio is 101.82%.

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.