Medtronic plc (NYSE:MDT) Shares Bought by Beech Hill Advisors Inc.

Beech Hill Advisors Inc. grew its position in shares of Medtronic plc (NYSE:MDT) 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 (NYSE:MDT) last released its earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $7.57 billion. During the same period last year, the business earned $1.13 earnings per share. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. Equities research analysts forecast that Medtronic plc will post 5.12 earnings per share for the current year.

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 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.