3,018,873 Shares in Medtronic plc (NYSE:MDT) Purchased by Cullen Capital Management LLC

Cullen Capital Management LLC acquired a new stake in Medtronic plc (NYSE:MDT) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,018,873 shares of the medical technology company’s stock, valued at approximately $243,382,000. Medtronic makes up 2.2% of Cullen Capital Management LLC’s holdings, making the stock its 13th biggest holding. Cullen Capital Management LLC owned 0.23% of Medtronic as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Sageworth Trust Co acquired a new stake in Medtronic in the 1st quarter worth about $26,000. Laurel Wealth Advisors LLC increased its position in shares of Medtronic by 250.0% during the first quarter. Laurel Wealth Advisors LLC now owns 350 shares of the medical technology company’s stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Avalon Trust Co acquired a new position in Medtronic in the 1st quarter valued at $32,000. CKW Financial Group lifted its holdings in Medtronic by 60.0% in the 1st quarter. CKW Financial Group now owns 400 shares of the medical technology company’s stock valued at $32,000 after purchasing an additional 150 shares in the last quarter. Finally, Tucker Asset Management LLC acquired a new stake in Medtronic during the 1st quarter worth $32,000. 80.75% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Brett A. Wall sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $87.97, for a total transaction of $175,940.00. Following the sale, the executive vice president now directly owns 23,948 shares of the company’s stock, valued at approximately $2,106,705.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Medtronic news, EVP Brett A. Wall sold 2,000 shares of the company’s stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $87.97, for a total transaction of $175,940.00. Following the sale, the executive vice president now owns 23,948 shares in the company, valued at approximately $2,106,705.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Hoedt Rob Ten sold 5,514 shares of Medtronic stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $86.58, for a total value of $477,402.12. Following the completion of the transaction, the executive vice president now owns 43,802 shares of the company’s stock, valued at approximately $3,792,377.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,866 shares of company stock valued at $1,688,839. 0.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. 22nd Century Group reissued an “initiates” rating on shares of Medtronic in a research note on Friday, June 30th. Wells Fargo & Company boosted their target price on Medtronic from $100.00 to $102.00 and gave the stock an “overweight” rating in a report on Wednesday, August 23rd. UBS Group increased their price target on Medtronic from $79.00 to $82.00 and gave the company a “sell” rating in a report on Wednesday, August 23rd. Sanford C. Bernstein reduced their price objective on Medtronic from $100.00 to $99.00 in a research report on Friday, May 26th. Finally, Truist Financial dropped their target price on Medtronic from $93.00 to $90.00 in a report on Friday, May 26th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $91.67.

Medtronic Trading Up 0.0 %

Shares of NYSE:MDT traded up $0.03 during mid-day trading on Friday, reaching $79.96. 4,208,713 shares of the company were exchanged, compared to its average volume of 4,675,919. Medtronic plc has a 1 year low of $75.76 and a 1 year high of $92.39. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.42 and a quick ratio of 1.79. The firm’s 50-day simple moving average is $84.68 and its 200 day simple moving average is $84.41. The firm has a market cap of $106.39 billion, a price-to-earnings ratio of 29.51, a P/E/G ratio of 2.81 and a beta of 0.71.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.11 by $0.09. Medtronic had a return on equity of 13.81% and a net margin of 11.47%. The business had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.57 billion. During the same period last year, the business posted $1.13 earnings per share. The company’s quarterly revenue was up 4.5% on a year-over-year basis. Equities research analysts forecast that Medtronic plc will post 5.12 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 22nd will be given a dividend of $0.69 per share. The ex-dividend date is Thursday, September 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.45%. Medtronic’s dividend payout ratio is presently 101.85%.

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.