Newbridge Financial Services Group Inc. Reduces Holdings in Medtronic plc (NYSE:MDT)

Newbridge Financial Services Group Inc. reduced its holdings in shares of Medtronic plc (NYSE:MDT) by 58.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 492 shares of the medical technology company’s stock after selling 681 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Medtronic were worth $41,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of MDT. FMR LLC lifted its position in Medtronic by 5.8% during the 3rd quarter. FMR LLC now owns 1,590,041 shares of the medical technology company’s stock valued at $124,596,000 after acquiring an additional 87,412 shares during the period. Stokes Family Office LLC lifted its position in Medtronic by 12.9% during the 3rd quarter. Stokes Family Office LLC now owns 4,395 shares of the medical technology company’s stock valued at $344,000 after acquiring an additional 501 shares during the period. CenterBook Partners LP lifted its position in Medtronic by 23.0% during the 3rd quarter. CenterBook Partners LP now owns 18,173 shares of the medical technology company’s stock valued at $1,424,000 after acquiring an additional 3,399 shares during the period. Rathbones Group PLC lifted its position in Medtronic by 3.6% during the 3rd quarter. Rathbones Group PLC now owns 24,924 shares of the medical technology company’s stock valued at $1,953,000 after acquiring an additional 877 shares during the period. Finally, V Square Quantitative Management LLC lifted its position in Medtronic by 88.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 4,694 shares of the medical technology company’s stock valued at $368,000 after acquiring an additional 2,208 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT stock opened at $79.75 on Wednesday. The company has a 50 day moving average price of $81.87 and a 200-day moving average price of $83.51. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.00. The firm has a market capitalization of $105.89 billion, a PE ratio of 29.00, a P/E/G ratio of 2.33 and a beta of 0.83. 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 quarterly 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 firm had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the previous year, the business posted $1.57 earnings per share. As a group, equities research analysts expect that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.51%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. Medtronic’s payout ratio is 100.36%.

Insider Activity at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Geoffrey Martha sold 19,113 shares of Medtronic 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 transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MDT. UBS Group lifted their target price on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. The Goldman Sachs Group began coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, June 5th. Finally, Wells Fargo & Company lifted their target price on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Two equities 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $93.00.

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.