Saxon Interests Inc. Raises Stock Holdings in Medtronic plc (NYSE:MDT)

Saxon Interests Inc. boosted its holdings in shares of Medtronic plc (NYSE:MDT) by 18.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,996 shares of the medical technology company’s stock after acquiring an additional 1,246 shares during the quarter. Saxon Interests Inc.’s holdings in Medtronic were worth $704,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of MDT. Sageworth Trust Co purchased a new stake in shares of Medtronic during the first quarter valued at $26,000. Laurel Wealth Advisors LLC boosted its position in Medtronic by 250.0% in the 1st quarter. Laurel Wealth Advisors LLC now owns 350 shares of the medical technology company’s stock valued at $28,000 after buying an additional 250 shares during the period. Trivant Custom Portfolio Group LLC bought a new position in Medtronic in the 1st quarter worth about $31,000. Certified Advisory Corp purchased a new position in shares of Medtronic during the first quarter worth approximately $31,000. Finally, Tucker Asset Management LLC bought a new stake in shares of Medtronic during the first quarter valued at approximately $32,000. Institutional investors own 80.75% of the company’s stock.

Medtronic Stock Down 0.7 %

MDT stock traded down $0.60 on Tuesday, hitting $82.20. 1,654,646 shares of the company’s stock were exchanged, compared to its average volume of 5,677,723. The firm has a 50 day moving average price of $84.16 and a two-hundred day moving average price of $84.35. Medtronic plc has a 12-month low of $75.76 and a 12-month high of $92.02. The stock has a market cap of $109.37 billion, a P/E ratio of 30.54, a price-to-earnings-growth ratio of 2.87 and a beta of 0.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.79 and a current ratio of 2.42.

Medtronic (NYSE:MDT) last issued its quarterly 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. The business had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.57 billion. Medtronic had a return on equity of 13.81% and a net margin of 11.47%. The company’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.13 earnings per share. As a group, equities research analysts expect that Medtronic plc will post 5.12 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company 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. The ex-dividend date is Thursday, September 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.36%. Medtronic’s dividend payout ratio is currently 101.85%.

Insider Buying and Selling at Medtronic

In other news, EVP Michael Marinaro sold 1,352 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $84.11, for a total value of $113,716.72. Following the completion of the transaction, the executive vice president now directly owns 28,930 shares in the company, valued at $2,433,302.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Medtronic news, EVP Brett A. Wall sold 2,000 shares of the company’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 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 filing with the SEC, which is available through the SEC website. Also, EVP Michael Marinaro sold 1,352 shares of Medtronic stock in a transaction dated 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 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. In the last 90 days, insiders have sold 19,866 shares of company stock worth $1,688,839. 0.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Robert W. Baird initiated coverage on Medtronic in a research note on Tuesday, July 18th. They issued a “neutral” rating and a $90.00 price objective on the stock. UBS Group increased their price target on Medtronic from $79.00 to $82.00 and gave the stock a “sell” rating in a research report on Wednesday, August 23rd. CL King initiated coverage on Medtronic in a report on Friday, June 30th. They issued a “buy” rating and a $106.00 price objective for the company. Mizuho upped their price objective on shares of Medtronic from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, August 23rd. Finally, Morgan Stanley raised shares of Medtronic from an “equal weight” rating to an “overweight” rating and set a $104.00 target price on the stock in a research report on Tuesday, May 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently 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.