Medtronic plc (NYSE:MDT) Shares Sold by Ingalls & Snyder LLC

Ingalls & Snyder LLC decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 5.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,209 shares of the medical technology company’s stock after selling 1,253 shares during the quarter. Ingalls & Snyder LLC’s holdings in Medtronic were worth $1,748,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors increased its holdings in Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of 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 valued at $1,901,357,000 after buying an additional 727,931 shares in the last quarter. Norges Bank purchased a new stake in shares of Medtronic in the 4th quarter valued at $1,229,726,000. Sanders Capital LLC lifted its stake in Medtronic by 2.8% during the 4th quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock worth $1,040,802,000 after acquiring an additional 346,641 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Medtronic by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock valued at $893,352,000 after acquiring an additional 101,111 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MDT. Truist Financial boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. The Goldman Sachs Group assumed coverage on shares of Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price on the stock. Robert W. Baird boosted their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Wells Fargo & Company upped their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Finally, Citigroup decreased their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. One investment 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’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $92.92.

Medtronic Stock Performance

Shares of Medtronic stock traded up $0.39 on Friday, hitting $88.58. The stock had a trading volume of 7,940,126 shares, compared to its average volume of 6,288,698. The stock has a market cap of $113.58 billion, a price-to-earnings ratio of 32.21, a P/E/G ratio of 2.35 and a beta of 0.82. 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 52-week low of $68.84 and a 52-week high of $90.13. The company’s 50 day moving average price is $81.32 and its 200 day moving average price is $82.44.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.20 earnings per share. On average, research analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed 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. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.16%. Medtronic’s dividend payout ratio is presently 101.82%.

Insider Activity

In other Medtronic news, 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 transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.30% 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.