Medtronic plc (NYSE:MDT) Shares Purchased by Azzad Asset Management Inc. ADV

Azzad Asset Management Inc. ADV boosted its holdings in shares of Medtronic plc (NYSE:MDT) by 1.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 59,782 shares of the medical technology company’s stock after purchasing an additional 1,030 shares during the period. Azzad Asset Management Inc. ADV’s holdings in Medtronic were worth $4,705,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Equity Investment Corp increased its holdings in shares of Medtronic by 27.9% during the 4th quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock valued at $110,478,000 after purchasing an additional 292,459 shares in the last quarter. Loudon Investment Management LLC grew its position in Medtronic by 9.5% during the fourth quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock valued at $786,000 after buying an additional 874 shares during the period. Chemung Canal Trust Co. increased its holdings in Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after buying an additional 44,846 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Medtronic in the second quarter worth about $25,643,000. Finally, Apollon Wealth Management LLC boosted its stake in shares of Medtronic by 43.0% during the 4th quarter. Apollon Wealth Management LLC now owns 50,804 shares of the medical technology company’s stock worth $4,185,000 after acquiring an additional 15,265 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Medtronic

In other Medtronic 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 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.30% of the company’s stock.

Medtronic Price Performance

MDT traded up $0.39 on Friday, reaching $88.58. 7,638,207 shares of the company’s stock were exchanged, compared to its average volume of 6,288,698. The stock has a market cap of $113.58 billion, a PE ratio of 32.21, a P/E/G ratio of 2.35 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $90.13. The stock’s fifty day moving average price is $81.18 and its 200-day moving average price is $82.41.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the previous year, the firm posted $1.20 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. Sell-side analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MDT shares. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, August 21st. Piper Sandler increased their target price on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Stifel Nicolaus upped their price objective on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Finally, The Goldman Sachs Group began 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. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $92.92.

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.