MONECO Advisors LLC Has $496,000 Stake in Medtronic plc (NYSE:MDT)

MONECO Advisors LLC decreased its stake in shares of Medtronic plc (NYSE:MDT) by 5.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,020 shares of the medical technology company’s stock after selling 353 shares during the quarter. MONECO Advisors LLC’s holdings in Medtronic were worth $496,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of MDT. Norges Bank acquired a new stake in Medtronic in the 4th quarter valued at $1,229,726,000. First Eagle Investment Management LLC grew its position in Medtronic by 54.5% in the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock valued at $775,169,000 after purchasing an additional 3,320,800 shares during the period. Morgan Stanley grew its position in Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after purchasing an additional 1,994,123 shares during the period. Pzena Investment Management LLC grew its position in Medtronic by 30.9% in the 4th quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock valued at $617,896,000 after purchasing an additional 1,769,985 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in Medtronic by 145.4% in the 4th 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 purchasing an additional 1,405,978 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Down 1.3 %

NYSE MDT opened at $79.95 on Tuesday. The stock has a market capitalization of $106.16 billion, a price-to-earnings ratio of 29.07, a PEG ratio of 2.36 and a beta of 0.83. Medtronic plc has a one year low of $68.84 and a one year high of $91.00. 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 business’s fifty day moving average is $81.95 and its 200-day moving average is $83.51.

Medtronic (NYSE:MDT) last released its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The company had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.57 EPS. Equities research analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a $0.70 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date of this dividend is Friday, June 28th. Medtronic’s payout ratio is currently 100.36%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MDT. UBS Group lifted their price target on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, May 24th. Truist Financial dropped their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research note on Friday, May 24th. The Goldman Sachs Group initiated coverage on Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective on the stock. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, June 5th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $93.00.

Insider Activity at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of Medtronic 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 transaction, the chief executive officer now owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Marinaro sold 854 shares of Medtronic 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 transaction, the executive vice president now directly 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 company insiders.

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.