Harbour Trust & Investment Management Co Raises Holdings in Medtronic plc (NYSE:MDT)

Harbour Trust & Investment Management Co lifted its position in shares of Medtronic plc (NYSE:MDT) by 14.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,539 shares of the medical technology company’s stock after purchasing an additional 576 shares during the quarter. Harbour Trust & Investment Management Co’s holdings in Medtronic were worth $357,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital Research Global Investors raised its stake 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 worth $2,691,577,000 after buying an additional 2,044,109 shares during the period. Bank of New York Mellon Corp raised its position in Medtronic by 3.5% during the first quarter. Bank of New York Mellon Corp now owns 21,817,063 shares of the medical technology company’s stock worth $1,901,357,000 after acquiring an additional 727,931 shares during the period. Norges Bank acquired a new stake in shares of Medtronic in the fourth quarter valued at about $1,229,726,000. Sanders Capital LLC raised its position in shares of Medtronic by 2.8% during the 4th quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock worth $1,040,802,000 after purchasing an additional 346,641 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Medtronic by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock valued at $893,352,000 after buying an additional 101,111 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Up 0.3 %

Shares of MDT traded up $0.29 during trading on Thursday, reaching $87.83. 8,422,449 shares of the company traded hands, compared to its average volume of 6,316,868. The stock has a 50-day simple moving average of $80.21 and a 200-day simple moving average of $82.30. The stock has a market cap of $112.62 billion, a PE ratio of 32.06, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $89.24. 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 (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the previous year, the company earned $1.20 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Insider Activity

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on MDT shares. Truist Financial cut their price objective on Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research note 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 research note on Wednesday, July 10th. Stifel Nicolaus lifted their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday. The Goldman Sachs Group assumed coverage on shares of Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price for the company. Finally, Oppenheimer raised their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $92.54.

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.