Beech Hill Advisors Inc. grew its position in shares of Medtronic plc (NYSE:MDT – Free Report) by 0.5% during the 2nd quarter, Holdings Channel reports. The firm owned 48,072 shares of the medical technology company’s stock after purchasing an additional 242 shares during the period. Medtronic comprises 2.1% of Beech Hill Advisors Inc.’s investment portfolio, making the stock its 16th largest position. Beech Hill Advisors Inc.’s holdings in Medtronic were worth $4,235,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of MDT. Sageworth Trust Co acquired a new position in shares of Medtronic during the 1st quarter valued at $26,000. Laurel Wealth Advisors LLC boosted its stake in shares of Medtronic by 250.0% during the 1st quarter. Laurel Wealth Advisors LLC now owns 350 shares of the medical technology company’s stock worth $28,000 after acquiring an additional 250 shares in the last quarter. Trivant Custom Portfolio Group LLC bought a new stake in shares of Medtronic during the 1st quarter worth $31,000. Certified Advisory Corp bought a new stake in shares of Medtronic during the 1st quarter worth $31,000. Finally, Tucker Asset Management LLC bought a new stake in shares of Medtronic during the 1st quarter worth $32,000. 80.75% of the stock is currently owned by institutional investors and hedge funds.
Medtronic Trading Down 0.2 %
Medtronic stock opened at $81.77 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.79 and a current ratio of 2.42. The business’s 50-day simple moving average is $84.16 and its 200-day simple moving average is $84.34. The firm has a market capitalization of $108.80 billion, a PE ratio of 30.17, a PEG ratio of 2.86 and a beta of 0.71. Medtronic plc has a 52 week low of $75.76 and a 52 week high of $92.02.
Medtronic Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Investors 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 3.38%. The ex-dividend date of this dividend is Thursday, September 21st. Medtronic’s dividend payout ratio (DPR) is presently 101.85%.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on MDT shares. Royal Bank of Canada reissued a “sector perform” rating and set a $89.00 price objective on shares of Medtronic in a research note on Wednesday, August 23rd. Oppenheimer reissued a “market perform” rating and set a $89.00 price objective on shares of Medtronic in a research note on Wednesday, August 23rd. Morgan Stanley raised Medtronic from an “equal weight” rating to an “overweight” rating and set a $104.00 price objective for the company in a research note on Tuesday, May 30th. Robert W. Baird started coverage on Medtronic in a research report on Tuesday, July 18th. They issued a “neutral” rating and a $90.00 target price for the company. Finally, Truist Financial decreased their target price on Medtronic from $93.00 to $90.00 in a research report on Friday, May 26th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $91.67.
Insider Buying and Selling
In related news, EVP Gregory L. Smith sold 10,000 shares of Medtronic stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $83.84, for a total transaction of $838,400.00. Following the sale, 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 document filed with the SEC, which can be accessed through this link. In other Medtronic news, EVP Brett A. Wall sold 2,000 shares of Medtronic stock in a transaction that occurred 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 sale, the executive vice president now directly owns 23,948 shares of the company’s stock, valued at $2,106,705.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gregory L. Smith sold 10,000 shares of Medtronic stock in a transaction that occurred 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 directly owns 46,723 shares in the company, valued at $3,917,256.32. The disclosure for this sale can be found here. Insiders have sold a total of 19,866 shares of company stock valued at $1,688,839 over the last three months. 0.30% of the stock is owned by corporate insiders.
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.
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