Sunburst Financial Group LLC Acquires New Holdings in Medtronic plc (NYSE:MDT)

Sunburst Financial Group LLC acquired a new stake in shares of Medtronic plc (NYSE:MDT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,488 shares of the medical technology company’s stock, valued at approximately $219,000.

Other institutional investors also recently bought and sold shares of the company. Sageworth Trust Co purchased a new position in Medtronic in the first quarter worth $26,000. Laurel Wealth Advisors LLC lifted its stake in shares of Medtronic by 250.0% during the first quarter. Laurel Wealth Advisors LLC now owns 350 shares of the medical technology company’s stock worth $28,000 after buying an additional 250 shares during the period. Trivant Custom Portfolio Group LLC acquired a new stake in shares of Medtronic during the first quarter worth $31,000. Certified Advisory Corp acquired a new stake in shares of Medtronic during the first quarter worth $31,000. Finally, Tucker Asset Management LLC acquired a new stake in shares of Medtronic during the first quarter worth $32,000. 80.75% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Up 2.1 %

Shares of Medtronic stock traded up $1.69 during mid-day trading on Monday, hitting $83.46. The stock had a trading volume of 2,383,915 shares, compared to its average volume of 5,680,356. The firm has a 50-day moving average of $84.16 and a two-hundred day moving average of $84.35. Medtronic plc has a 12-month low of $75.76 and a 12-month high of $92.02. The company has a quick ratio of 1.79, a current ratio of 2.42 and a debt-to-equity ratio of 0.48. The firm has a market cap of $111.05 billion, a P/E ratio of 30.69, a price-to-earnings-growth 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 earnings per share 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 business had revenue of $7.70 billion during the quarter, compared to analysts’ expectations of $7.57 billion. During the same quarter in the prior year, the company posted $1.13 EPS. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. Sell-side analysts forecast that Medtronic plc will post 5.12 earnings per share for the current year.

Medtronic Announces Dividend

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

Insider Activity

In related news, EVP Michael Marinaro sold 1,352 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $84.11, for a total transaction of $113,716.72. Following the completion of the transaction, the executive vice president now owns 28,930 shares of the company’s stock, valued at approximately $2,433,302.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Medtronic news, EVP Brett A. Wall sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $83.38, for a total value of $83,380.00. Following the completion of the transaction, the executive vice president now owns 33,573 shares of the company’s stock, valued at approximately $2,799,316.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Marinaro sold 1,352 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $84.11, for a total transaction of $113,716.72. Following the completion of the transaction, the executive vice president now directly owns 28,930 shares of the company’s stock, valued at approximately $2,433,302.30. The disclosure for this sale can be found here. Insiders sold a total of 19,866 shares of company stock valued at $1,688,839 in the last 90 days. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the subject of several research reports. Stifel Nicolaus lifted their price objective on shares of Medtronic from $92.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, August 22nd. Sanford C. Bernstein cut their price objective on shares of Medtronic from $100.00 to $99.00 in a report on Friday, May 26th. Oppenheimer reaffirmed a “market perform” rating and issued a $89.00 price objective on shares of Medtronic in a report on Wednesday, August 23rd. Wells Fargo & Company upped their price target on shares of Medtronic from $100.00 to $102.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 23rd. Finally, CL King assumed coverage on shares of Medtronic in a research report on Friday, June 30th. They set a “buy” rating and a $106.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average target price of $91.67.

Medtronic Company 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.