Abacus Wealth Partners LLC Makes New Investment in Medtronic plc (NYSE:MDT)

Abacus Wealth Partners LLC acquired a new stake in Medtronic plc (NYSE:MDT) in the 1st quarter, according to the company in its most recent filing with the SEC. The firm acquired 4,310 shares of the medical technology company’s stock, valued at approximately $388,000.

Several other institutional investors also recently modified their holdings of MDT. Anson Funds Management LP purchased a new stake in shares of Medtronic during the 1st quarter valued at $1,733,000. SkyView Investment Advisors LLC bought a new position in shares of Medtronic during the 1st quarter valued at approximately $1,125,000. Guardian Wealth Advisors LLC purchased a new stake in shares of Medtronic during the 1st quarter worth approximately $254,000. Titleist Asset Management LLC bought a new position in Medtronic during the first quarter valued at $694,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Medtronic by 1.6% in the first quarter. JPMorgan Chase & Co. now owns 20,349,983 shares of the medical technology company’s stock valued at $1,640,616,000 after buying an additional 327,737 shares during the period. 80.75% of the stock is owned by institutional investors.

Medtronic Stock Performance

Shares of NYSE MDT opened at $80.98 on Wednesday. The stock’s 50-day moving average is $84.44 and its 200 day moving average is $84.37. The stock has a market cap of $107.75 billion, a price-to-earnings ratio of 29.88, a P/E/G ratio of 2.81 and a beta of 0.71. Medtronic plc has a 1-year low of $75.76 and a 1-year high of $92.02. The company has a current ratio of 2.42, a quick ratio of 1.79 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.09. The business had revenue of $7.70 billion during the quarter, compared to analysts’ expectations of $7.57 billion. Medtronic had a net margin of 11.47% and a return on equity of 13.81%. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.13 EPS. On average, sell-side analysts anticipate that Medtronic plc will post 5.12 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 22nd will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date is Thursday, September 21st. Medtronic’s payout ratio is 101.85%.

Insiders Place Their Bets

In other news, EVP Gregory L. Smith sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $83.84, for a total transaction of $838,400.00. Following the transaction, the executive vice president now directly owns 46,723 shares of the company’s stock, valued at $3,917,256.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Gregory L. Smith sold 10,000 shares of Medtronic stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $83.84, for a total value of $838,400.00. Following the sale, the executive vice president now owns 46,723 shares in the company, valued at $3,917,256.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Brett A. Wall sold 2,000 shares of the company’s stock in a transaction on Friday, July 14th. The stock was sold at an average price of $87.97, for a total transaction of $175,940.00. Following the completion of the transaction, the executive vice president now owns 23,948 shares of the company’s stock, valued at $2,106,705.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,866 shares of company stock worth $1,688,839. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on MDT shares. 22nd Century Group reaffirmed an “initiates” rating on shares of Medtronic in a report on Friday, June 30th. Morgan Stanley raised shares of Medtronic from an “equal weight” rating to an “overweight” rating and set a $104.00 price objective for the company in a report on Tuesday, May 30th. Oppenheimer reissued a “market perform” rating and set a $89.00 target price on shares of Medtronic in a report on Wednesday, August 23rd. Stifel Nicolaus raised their price target on Medtronic from $92.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, August 22nd. Finally, Wells Fargo & Company boosted their price objective on Medtronic from $100.00 to $102.00 and gave the company an “overweight” rating in a research note on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $91.67.

Medtronic 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.