Park Edge Advisors LLC Lowers Holdings in Medtronic plc (NYSE:MDT)

Park Edge Advisors LLC decreased its holdings in Medtronic plc (NYSE:MDT) by 13.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,614 shares of the medical technology company’s stock after selling 722 shares during the quarter. Park Edge Advisors LLC’s holdings in Medtronic were worth $402,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Boyar Asset Management Inc. boosted its stake in Medtronic by 2.6% during the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock valued at $383,000 after buying an additional 120 shares in the last quarter. Marino Stram & Associates LLC boosted its stake in Medtronic by 1.8% during the fourth quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock valued at $587,000 after buying an additional 126 shares in the last quarter. Angeles Investment Advisors LLC boosted its stake in Medtronic by 1.0% during the fourth quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock valued at $1,046,000 after buying an additional 128 shares in the last quarter. Rogco LP lifted its holdings in shares of Medtronic by 1.9% during the fourth quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock valued at $561,000 after purchasing an additional 129 shares during the last quarter. Finally, Verity Asset Management Inc. lifted its holdings in shares of Medtronic by 4.3% during the fourth quarter. Verity Asset Management Inc. now owns 3,194 shares of the medical technology company’s stock valued at $263,000 after purchasing an additional 132 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Down 0.3 %

Shares of Medtronic stock traded down $0.20 during trading on Thursday, hitting $77.17. 2,838,401 shares of the stock traded hands, compared to its average volume of 6,333,819. The stock has a market cap of $98.95 billion, a P/E ratio of 28.06, a PEG ratio of 2.25 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.00. The company has a fifty day moving average price of $81.64 and a two-hundred day moving average price of $83.41.

Medtronic (NYSE:MDT) last announced its quarterly earnings results 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 business had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm’s revenue was up .5% on a year-over-year basis. During the same period in the previous year, the company earned $1.57 EPS. Equities research analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal 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. This represents a $2.80 annualized dividend and a dividend yield of 3.63%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Friday, June 28th. Medtronic’s payout ratio is currently 101.82%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MDT. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, May 24th. The Goldman Sachs Group began coverage on Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price for the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday, June 5th. UBS Group upped their target price on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. Finally, Wells Fargo & Company increased their price objective on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $91.70.

Insider Activity at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the firm’s 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 directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Medtronic news, 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 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 approximately $2,321,684.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Geoffrey Martha sold 19,113 shares of Medtronic 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 completion of the transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

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.