Burke & Herbert Bank & Trust Co. Makes New $204,000 Investment in Medtronic plc (NYSE:MDT)

Burke & Herbert Bank & Trust Co. purchased a new position in shares of Medtronic plc (NYSE:MDT) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,320 shares of the medical technology company’s stock, valued at approximately $204,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. Platform Technology Partners increased its stake in shares of Medtronic by 3.4% during the 2nd quarter. Platform Technology Partners now owns 11,993 shares of the medical technology company’s stock worth $1,047,000 after purchasing an additional 391 shares during the last quarter. First Bank & Trust increased its stake in shares of Medtronic by 25.6% during the 2nd quarter. First Bank & Trust now owns 18,025 shares of the medical technology company’s stock worth $1,588,000 after purchasing an additional 3,679 shares during the last quarter. Biltmore Wealth Management LLC increased its stake in shares of Medtronic by 3.2% during the 2nd quarter. Biltmore Wealth Management LLC now owns 7,084 shares of the medical technology company’s stock worth $624,000 after purchasing an additional 217 shares during the last quarter. Sunburst Financial Group LLC acquired a new position in shares of Medtronic during the 2nd quarter worth about $219,000. Finally, Buckley Wealth Management LLC increased its stake in shares of Medtronic by 46.8% during the 2nd quarter. Buckley Wealth Management LLC now owns 12,115 shares of the medical technology company’s stock worth $1,067,000 after purchasing an additional 3,860 shares during the last quarter. 80.75% of the stock is owned by institutional investors.

Medtronic Price Performance

NYSE:MDT traded up $1.54 on Monday, hitting $83.31. The company had a trading volume of 2,873,861 shares, compared to its average volume of 5,683,824. The firm has a 50 day moving average of $84.16 and a two-hundred day moving average of $84.35. The stock has a market capitalization of $110.85 billion, a price-to-earnings ratio of 30.69, a PEG ratio of 2.88 and a beta of 0.71. Medtronic plc has a 52 week low of $75.76 and a 52 week 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 released its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.09. Medtronic had a net margin of 11.47% and a return on equity of 13.81%. The firm had revenue of $7.70 billion during the quarter, compared to the consensus estimate of $7.57 billion. During the same quarter last year, the firm earned $1.13 earnings per share. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, research analysts anticipate that Medtronic plc will post 5.12 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 22nd will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Thursday, September 21st. Medtronic’s payout ratio is 101.85%.

Insiders Place Their Bets

In other Medtronic news, EVP Michael Marinaro sold 1,352 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $84.11, for a total value of $113,716.72. Following the transaction, the executive vice president now directly owns 28,930 shares of the company’s stock, valued at $2,433,302.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Medtronic news, EVP Brett A. Wall sold 2,000 shares of the firm’s stock in a transaction on Friday, July 14th. The shares were sold at an average price of $87.97, for a total value of $175,940.00. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Marinaro sold 1,352 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $84.11, for a total transaction of $113,716.72. Following the transaction, the executive vice president now directly owns 28,930 shares in the company, valued at $2,433,302.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,866 shares of company stock worth $1,688,839. 0.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Sanford C. Bernstein decreased their price target on shares of Medtronic from $100.00 to $99.00 in a research note on Friday, May 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $89.00 price target on shares of Medtronic in a research note on Wednesday, August 23rd. Morgan Stanley upgraded shares of Medtronic from an “equal weight” rating to an “overweight” rating and set a $104.00 price target on the stock in a research note on Tuesday, May 30th. UBS Group upped their price target on shares of Medtronic from $79.00 to $82.00 and gave the company a “sell” rating in a research note on Wednesday, August 23rd. Finally, Oppenheimer reiterated a “market perform” rating and issued a $89.00 price target on shares of Medtronic in a research note on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $91.67.

About Medtronic

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.