Farther Finance Advisors LLC Boosts Position in Medtronic plc (NYSE:MDT)

Farther Finance Advisors LLC grew its holdings in shares of Medtronic plc (NYSE:MDT) by 15.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,790 shares of the medical technology company’s stock after buying an additional 4,519 shares during the quarter. Farther Finance Advisors LLC’s holdings in Medtronic were worth $2,606,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Boyar Asset Management Inc. lifted its position in shares of Medtronic by 2.6% during the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after purchasing an additional 120 shares in the last quarter. Hall Laurie J Trustee raised its position in Medtronic by 0.3% in the 1st quarter. Hall Laurie J Trustee now owns 44,015 shares of the medical technology company’s stock worth $3,835,000 after purchasing an additional 125 shares during the last quarter. Quent Capital LLC lifted its holdings in Medtronic by 8.0% during the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after buying an additional 125 shares in the last quarter. Abbrea Capital LLC boosted its position in Medtronic by 2.5% in the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock valued at $446,000 after buying an additional 125 shares during the last quarter. Finally, Waterway Wealth Management LLC increased its stake in shares of Medtronic by 4.8% in the 2nd quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock valued at $217,000 after buying an additional 126 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were 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 directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Citigroup dropped 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. Barclays increased their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Finally, The Goldman Sachs Group assumed coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target for the company. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $92.92.

Medtronic Stock Up 0.4 %

MDT stock traded up $0.39 during midday trading on Friday, hitting $88.58. The company’s stock had a trading volume of 7,940,126 shares, compared to its average volume of 5,969,357. The company’s fifty day moving average price is $81.32 and its 200 day moving average price is $82.43. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $90.13. The stock has a market capitalization of $113.60 billion, a P/E ratio of 32.21, a PEG ratio of 2.52 and a beta of 0.82.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.20 earnings per share. As a group, equities research analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.16%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

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.