Hoese & Co LLP decreased its position in Medtronic plc (NYSE:MDT – Free Report) by 89.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 991 shares of the medical technology company’s stock after selling 8,000 shares during the quarter. Hoese & Co LLP’s holdings in Medtronic were worth $87,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Toronto Dominion Bank raised its stake in shares of Medtronic by 109.0% during the 1st quarter. Toronto Dominion Bank now owns 802,643 shares of the medical technology company’s stock worth $64,674,000 after purchasing an additional 418,648 shares during the period. Trust Co. of Toledo NA OH grew its position in shares of Medtronic by 20.6% during the 2nd quarter. Trust Co. of Toledo NA OH now owns 17,220 shares of the medical technology company’s stock valued at $1,517,000 after acquiring an additional 2,940 shares during the period. Viawealth LLC increased its stake in shares of Medtronic by 3.3% during the 1st 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 holdings in shares of Medtronic by 5.0% in the 1st quarter. Argent Trust Co now owns 40,743 shares of the medical technology company’s stock worth $3,285,000 after purchasing an additional 1,948 shares during the period. Finally, Lincoln National Corp lifted its stake in 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 last quarter. Hedge funds and other institutional investors own 80.75% of the company’s stock.
Insider Activity at Medtronic
In other Medtronic news, EVP Brett A. Wall sold 2,000 shares of the business’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 completion of 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Medtronic news, EVP Hoedt Rob Ten sold 5,514 shares of the business’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $86.58, for a total value of $477,402.12. Following the transaction, the executive vice president now owns 43,802 shares in the company, valued at $3,792,377.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brett A. Wall sold 2,000 shares of the stock in a transaction dated 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 owns 23,948 shares of the company’s stock, valued at $2,106,705.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,866 shares of company stock valued at $1,688,839. Insiders own 0.30% of the company’s stock.
Medtronic Price Performance
Medtronic (NYSE:MDT – Get Free Report) last announced its earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share (EPS) for the quarter, topping 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 company had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.57 billion. During the same period in the previous year, the business earned $1.13 earnings per share. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. On average, research analysts anticipate that Medtronic plc will post 5.12 earnings per share for the current fiscal year.
Medtronic Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders 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 3.36%. The ex-dividend date is Thursday, September 21st. Medtronic’s payout ratio is currently 101.85%.
Wall Street Analyst Weigh In
A number of analysts have issued reports on MDT shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $89.00 target price on shares of Medtronic in a research report on Wednesday, August 23rd. Mizuho increased their target price on shares of Medtronic from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, August 23rd. Truist Financial lowered their price target on shares of Medtronic from $93.00 to $90.00 in a research report on Friday, May 26th. 22nd Century Group reaffirmed an “initiates” rating on shares of Medtronic in a report on Friday, June 30th. Finally, CL King began coverage on shares of Medtronic in a report on Friday, June 30th. They set a “buy” rating and a $106.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $91.67.
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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