Medtronic plc (NYSE:MDT) Shares Acquired by KFG Wealth Management LLC

KFG Wealth Management LLC increased its stake in Medtronic plc (NYSE:MDT) by 8.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,218 shares of the medical technology company’s stock after acquiring an additional 241 shares during the quarter. KFG Wealth Management LLC’s holdings in Medtronic were worth $280,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Fortitude Family Office LLC purchased a new position in shares of Medtronic during the fourth quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. grew its holdings in shares of Medtronic by 293.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after buying an additional 236,064 shares in the last quarter. MeadowBrook Investment Advisors LLC purchased a new position in shares of Medtronic during the fourth quarter valued at $27,000. Financial Gravity Asset Management Inc. grew its holdings in shares of Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after buying an additional 279 shares in the last quarter. Finally, Tributary Capital Management LLC purchased a new position in shares of Medtronic during the first quarter valued at $33,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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 transaction of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. 0.30% of the stock is owned by insiders.

Medtronic Price Performance

Shares of NYSE:MDT opened at $77.19 on Thursday. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. The business has a 50-day moving average of $81.71 and a two-hundred day moving average of $83.45. The stock has a market capitalization of $98.98 billion, a P/E ratio of 28.07, a P/E/G ratio of 2.25 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 (NYSE:MDT) last announced its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same quarter in the previous year, the firm earned $1.57 earnings per share. The business’s quarterly revenue was up .5% compared to the same quarter last year. On average, equities research analysts predict that Medtronic plc will post 5.44 EPS 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 given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.63%. The ex-dividend date is Friday, June 28th. This is a boost from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is currently 101.82%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. UBS Group lifted their price target on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, June 5th. Wells Fargo & Company lifted their price objective on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Truist Financial reduced their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research report on Friday, May 24th. Finally, The Goldman Sachs Group assumed coverage on Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective for the company. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $91.70.

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.