Northcape Wealth Management LLC Sells 336 Shares of Medtronic plc (NYSE:MDT)

Northcape Wealth Management LLC trimmed its stake in shares of Medtronic plc (NYSE:MDT) by 1.4% in the second quarter, HoldingsChannel reports. The firm owned 23,410 shares of the medical technology company’s stock after selling 336 shares during the quarter. Northcape Wealth Management LLC’s holdings in Medtronic were worth $1,843,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Tempus Wealth Planning LLC acquired a new position in Medtronic in the 2nd quarter valued at about $219,000. AMI Investment Management Inc. increased its stake in shares of Medtronic by 1.9% during the second quarter. AMI Investment Management Inc. now owns 35,844 shares of the medical technology company’s stock worth $2,821,000 after purchasing an additional 680 shares during the period. Fullcircle Wealth LLC acquired a new stake in Medtronic during the 2nd quarter worth approximately $2,216,000. Kanawha Capital Management LLC boosted its stake in Medtronic by 6.7% in the 2nd quarter. Kanawha Capital Management LLC now owns 116,702 shares of the medical technology company’s stock valued at $9,186,000 after purchasing an additional 7,337 shares during the period. Finally, Waterway Wealth Management LLC grew its holdings in 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 in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred on 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 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 sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.30% of the stock is currently owned by insiders.

Medtronic Price Performance

MDT traded up $0.52 during trading on Friday, hitting $88.35. 4,843,533 shares of the stock traded hands, compared to its average volume of 6,307,863. The business has a 50 day moving average price of $80.48 and a 200 day moving average price of $82.31. 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 twelve month low of $68.84 and a twelve month high of $89.24. The company has a market cap of $113.29 billion, a price-to-earnings ratio of 32.13, a PEG ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the firm earned $1.20 EPS. Medtronic’s revenue was up 3.4% on a year-over-year basis. Equities research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a $0.70 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. Medtronic’s payout ratio is currently 101.82%.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of research reports. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. The Goldman Sachs Group assumed coverage on shares of Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective for the company. Citigroup decreased their target price on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Oppenheimer raised their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday. Finally, Wells Fargo & Company boosted their price target on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average price target of $92.92.

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.