Hoylecohen LLC Sells 625 Shares of Medtronic plc (NYSE:MDT)

Hoylecohen LLC cut its holdings in Medtronic plc (NYSE:MDT) by 5.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,371 shares of the medical technology company’s stock after selling 625 shares during the quarter. Hoylecohen LLC’s holdings in Medtronic were worth $854,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. ProVise Management Group LLC boosted its holdings in shares of Medtronic by 40.5% in the 4th quarter. ProVise Management Group LLC now owns 55,214 shares of the medical technology company’s stock worth $4,549,000 after purchasing an additional 15,923 shares during the period. Team Hewins LLC purchased a new position in Medtronic during the fourth quarter worth $202,000. Oxford Asset Management LLP bought a new position in Medtronic during the fourth quarter valued at $209,000. Cypress Asset Management Inc. TX purchased a new stake in shares of Medtronic in the fourth quarter valued at $1,715,000. Finally, TCW Group Inc. lifted its holdings in shares of Medtronic by 3.8% in the 4th quarter. TCW Group Inc. now owns 78,425 shares of the medical technology company’s stock worth $6,468,000 after acquiring an additional 2,869 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Friday. Mizuho raised their price target on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday. Wells Fargo & Company raised their target price on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, UBS Group boosted their price target on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $94.45.

Medtronic Stock Performance

Shares of NYSE:MDT traded up $0.91 during midday trading on Friday, reaching $82.29. The company’s stock had a trading volume of 8,732,273 shares, compared to its average volume of 5,738,687. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.00. The company has a quick ratio of 1.71, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $109.27 billion, a PE ratio of 29.92, a P/E/G ratio of 2.65 and a beta of 0.78. The stock has a fifty day moving average of $82.81 and a 200 day moving average of $82.68.

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, beating the consensus estimate 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 period last year, the business earned $1.57 earnings per share. Medtronic’s quarterly revenue was up .5% on a year-over-year basis. On average, equities analysts expect that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared 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 represents a $2.80 annualized dividend and a dividend yield of 3.40%. The ex-dividend date is Friday, June 28th. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is currently 100.36%.

Insiders Place Their Bets

In related news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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.