Platform Technology Partners Has $1.05 Million Position in Medtronic plc (NYSE:MDT)

Platform Technology Partners increased its holdings in shares of Medtronic plc (NYSE:MDT) by 3.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,993 shares of the medical technology company’s stock after acquiring an additional 391 shares during the period. Platform Technology Partners’ holdings in Medtronic were worth $1,047,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Toronto Dominion Bank raised its stake in shares of Medtronic by 109.0% during the first quarter. Toronto Dominion Bank now owns 802,643 shares of the medical technology company’s stock worth $64,674,000 after buying an additional 418,648 shares during the last quarter. Trust Co. of Toledo NA OH boosted its holdings in Medtronic by 20.6% during the second quarter. Trust Co. of Toledo NA OH now owns 17,220 shares of the medical technology company’s stock worth $1,517,000 after purchasing an additional 2,940 shares during the last quarter. Viawealth LLC boosted its holdings in Medtronic by 3.3% during the first quarter. Viawealth LLC now owns 12,085 shares of the medical technology company’s stock worth $974,000 after purchasing an additional 390 shares during the last quarter. Argent Trust Co raised its position in Medtronic by 5.0% during the first quarter. Argent Trust Co now owns 40,743 shares of the medical technology company’s stock worth $3,285,000 after acquiring an additional 1,948 shares in the last quarter. Finally, Lincoln National Corp raised its position in shares of Medtronic by 16.1% in the first quarter. Lincoln National Corp now owns 11,669 shares of the medical technology company’s stock valued at $941,000 after purchasing an additional 1,617 shares during the period. 80.75% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 2,000 shares of the company’s stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $87.97, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Brett A. Wall sold 2,000 shares of the stock in a transaction dated 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brett A. Wall sold 1,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $83.38, for a total transaction of $83,380.00. Following the sale, the executive vice president now directly owns 33,573 shares in the company, valued at approximately $2,799,316.74. The disclosure for this sale can be found here. In 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 corporate insiders.

Medtronic Price Performance

Shares of NYSE MDT traded up $1.62 during midday trading on Monday, hitting $83.39. 2,662,028 shares of the company’s stock were exchanged, compared to its average volume of 5,682,351. Medtronic plc has a 12-month low of $75.76 and a 12-month 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. The business’s fifty day moving average price is $84.16 and its two-hundred day moving average price is $84.35. The company has a market cap of $110.95 billion, a price-to-earnings ratio of 30.69, a PEG ratio of 2.88 and a beta of 0.71.

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

Medtronic Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Thursday, September 21st. This represents a $2.76 annualized dividend and a yield of 3.31%. Medtronic’s dividend payout ratio (DPR) is presently 101.85%.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of analyst reports. Wells Fargo & Company increased their price objective on shares of Medtronic from $100.00 to $102.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 23rd. Oppenheimer reiterated a “market perform” rating and set a $89.00 price objective on shares of Medtronic in a research note on Wednesday, August 23rd. Sanford C. Bernstein reduced their price objective on shares of Medtronic from $100.00 to $99.00 in a research note on Friday, May 26th. Truist Financial reduced their price objective on shares of Medtronic from $93.00 to $90.00 in a research note on Friday, May 26th. Finally, UBS Group increased their price objective on shares of Medtronic from $79.00 to $82.00 and gave the stock a “sell” rating in a research note on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average 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.