Medtronic plc (NYSE:MDT) Shares Sold by Richelieu Gestion SA

Richelieu Gestion SA reduced its stake in Medtronic plc (NYSE:MDT) by 55.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 9,968 shares of the medical technology company’s stock after selling 12,517 shares during the quarter. Richelieu Gestion SA’s holdings in Medtronic were worth $869,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in MDT. Fortitude Family Office LLC acquired a new position in shares of Medtronic in the 4th quarter worth approximately $25,000. Leith Wheeler Investment Counsel Ltd. increased its stake in Medtronic by 293.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after buying an additional 236,064 shares during the period. MeadowBrook Investment Advisors LLC purchased a new stake in Medtronic during the 4th quarter worth approximately $27,000. Financial Gravity Asset Management Inc. increased its stake in Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after buying an additional 279 shares during the period. Finally, Fortis Group Advisors LLC increased its stake in Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after buying an additional 230 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of Medtronic 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 $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Medtronic 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 transaction 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 $12,008,261.96. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction 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 transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Medtronic Price Performance

NYSE:MDT traded down $0.37 during mid-day trading on Wednesday, hitting $80.04. 3,283,410 shares of the company’s stock traded hands, compared to its average volume of 6,278,613. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The firm’s 50 day simple moving average is $81.85 and its 200 day simple moving average is $83.56. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00. The company has a market cap of $102.63 billion, a PE ratio of 28.83, a price-to-earnings-growth ratio of 2.34 and a beta of 0.83.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The business 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.57 earnings per share. Sell-side analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.50%. Medtronic’s payout ratio is 100.36%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Wells Fargo & Company increased their price objective on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday, June 5th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. The Goldman Sachs Group started coverage on shares of Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Finally, Truist Financial dropped their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research report on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus 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.