Miller Howard Investments Inc. NY Sells 3,601 Shares of Medtronic plc (NYSE:MDT)

Miller Howard Investments Inc. NY cut its stake in Medtronic plc (NYSE:MDT) by 0.6% in the first quarter, HoldingsChannel reports. The fund owned 636,974 shares of the medical technology company’s stock after selling 3,601 shares during the period. Medtronic accounts for 1.8% of Miller Howard Investments Inc. NY’s holdings, making the stock its 21st largest position. Miller Howard Investments Inc. NY’s holdings in Medtronic were worth $55,512,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Harbor Investment Advisory LLC lifted its position in Medtronic by 14.8% during the 1st quarter. Harbor Investment Advisory LLC now owns 15,913 shares of the medical technology company’s stock valued at $1,387,000 after purchasing an additional 2,051 shares during the period. Global Trust Asset Management LLC increased its stake in Medtronic by 81.0% in the first quarter. Global Trust Asset Management LLC now owns 3,148 shares of the medical technology company’s stock valued at $274,000 after purchasing an additional 1,409 shares in the last quarter. CHICAGO TRUST Co NA boosted its position in shares of Medtronic by 12.6% during the first quarter. CHICAGO TRUST Co NA now owns 10,087 shares of the medical technology company’s stock worth $879,000 after purchasing an additional 1,126 shares in the last quarter. First PREMIER Bank grew its holdings in shares of Medtronic by 31.0% in the 1st quarter. First PREMIER Bank now owns 6,330 shares of the medical technology company’s stock valued at $551,000 after buying an additional 1,499 shares during the period. Finally, Murphy Pohlad Asset Management LLC increased its position in shares of Medtronic by 2.8% in the 1st quarter. Murphy Pohlad Asset Management LLC now owns 78,675 shares of the medical technology company’s stock valued at $6,857,000 after buying an additional 2,170 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Michael Marinaro sold 854 shares of the business’s 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 in the company, valued at $2,321,684.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred on 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 owns 143,348 shares in the company, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Medtronic Stock Down 0.7 %

Shares of Medtronic stock traded down $0.60 on Monday, reaching $81.04. 6,773,275 shares of the company were exchanged, compared to its average volume of 6,311,500. The company has a market capitalization of $107.61 billion, a price-to-earnings ratio of 29.47, a PEG ratio of 2.34 and a beta of 0.83. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. Medtronic plc has a one year low of $68.84 and a one year high of $91.00. The company has a 50-day moving average of $81.82 and a 200 day moving average of $83.55.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The company had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter last year, the firm posted $1.57 EPS. On average, equities research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The firm 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 $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.46%. This is a boost from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is presently 100.36%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Wells Fargo & Company increased their price objective on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. 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 Wednesday, June 5th. Truist Financial dropped their price target on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research note on Friday, May 24th. Finally, The Goldman Sachs Group started 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 analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $93.00.

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.