Medtronic plc (NYSE:MDT) Shares Sold by Park Place Capital Corp

Park Place Capital Corp reduced its stake in shares of Medtronic plc (NYSE:MDT) by 53.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,160 shares of the medical technology company’s stock after selling 3,653 shares during the period. Park Place Capital Corp’s holdings in Medtronic were worth $275,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in MDT. Morgan Stanley boosted its position in shares of Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after buying an additional 1,994,123 shares in the last quarter. Norges Bank acquired a new stake in Medtronic during the 4th quarter worth approximately $1,229,726,000. Sanders Capital LLC raised its stake in shares of Medtronic by 2.8% during the fourth quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock valued at $1,040,802,000 after purchasing an additional 346,641 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Medtronic by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock worth $893,352,000 after purchasing an additional 101,111 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in Medtronic by 6.7% in the third quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock valued at $806,883,000 after acquiring an additional 649,367 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Geoffrey Martha sold 19,113 shares of the company’s 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 sale, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction 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 completion of 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on MDT shares. 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. The Goldman Sachs Group began coverage on Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. UBS Group upped their price target on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, May 24th. Truist Financial dropped their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research report on Friday, May 24th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $91.70.

Medtronic Stock Performance

Shares of NYSE MDT opened at $77.12 on Tuesday. The company has a market capitalization of $98.89 billion, a P/E ratio of 28.04, a price-to-earnings-growth ratio of 2.29 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. Medtronic plc has a one year low of $68.84 and a one year high of $91.00. The business’s 50-day moving average price is $81.85 and its two-hundred day moving average price is $83.53.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.01. The firm had revenue of $8.59 billion for 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 company’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter last year, the firm earned $1.57 earnings per share. Analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, June 28th. 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 3.63%. Medtronic’s dividend payout ratio is currently 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.