Medtronic (NYSE:MDT) Shares Down 1.1% Following Insider Selling

Medtronic plc (NYSE:MDT) shares were down 1.1% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $82.11 and last traded at $82.24. Approximately 870,635 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 6,251,084 shares. The stock had previously closed at $83.14.

Specifically, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, 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 value of $1,601,096.01. Following the completion of the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction that occurred 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 sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

MDT has been the subject of a number of research analyst reports. Truist Financial reduced their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday, May 24th. Wells Fargo & Company raised their price objective on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, May 24th. UBS Group raised their price objective on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. Finally, Mizuho raised their price objective on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $93.00.

Medtronic Stock Performance

The stock has a market cap of $108.43 billion, a P/E ratio of 29.65, a PEG ratio of 2.42 and a beta of 0.83. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. The firm’s 50-day moving average price is $82.12 and its 200-day moving average price is $83.44.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) 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 analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the business posted $1.57 earnings per share. Sell-side analysts expect that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.43%. This is a boost from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio (DPR) is presently 100.36%.

Institutional Investors Weigh In On Medtronic

Several large investors have recently bought and sold shares of the business. Capital Research Global Investors increased its position in Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Morgan Stanley increased its position in Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after purchasing an additional 1,994,123 shares during the last quarter. Bank of New York Mellon Corp increased its position in Medtronic by 3.5% in the first quarter. Bank of New York Mellon Corp now owns 21,817,063 shares of the medical technology company’s stock worth $1,901,357,000 after purchasing an additional 727,931 shares during the last quarter. Norges Bank bought a new position in Medtronic during the fourth quarter valued at $1,229,726,000. Finally, Northern Trust Corp increased its position in Medtronic by 2.1% during the third quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock valued at $1,067,493,000 after acquiring an additional 285,819 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

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.