Medtronic plc (NYSE:MDT) Shares Sold by Connectus Wealth LLC

Connectus Wealth LLC reduced its stake in Medtronic plc (NYSE:MDTFree Report) by 11.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,807 shares of the medical technology company’s stock after selling 1,349 shares during the period. Connectus Wealth LLC’s holdings in Medtronic were worth $891,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Marino Stram & Associates LLC lifted its stake in shares of Medtronic by 1.8% in the 4th quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock worth $587,000 after acquiring an additional 126 shares during the period. Angeles Investment Advisors LLC raised its holdings in shares of Medtronic by 1.0% in the 4th quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock worth $1,046,000 after purchasing an additional 128 shares in the last quarter. Rogco LP raised its holdings in shares of Medtronic by 1.9% in the 4th quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock worth $561,000 after purchasing an additional 129 shares in the last quarter. Verity Asset Management Inc. raised its holdings in shares of Medtronic by 4.3% in the 4th quarter. Verity Asset Management Inc. now owns 3,194 shares of the medical technology company’s stock worth $263,000 after purchasing an additional 132 shares in the last quarter. Finally, Modera Wealth Management LLC raised its holdings in shares of Medtronic by 3.9% in the 3rd quarter. Modera Wealth Management LLC now owns 3,537 shares of the medical technology company’s stock worth $277,000 after purchasing an additional 133 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

MDT stock opened at $83.15 on Tuesday. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $110.41 billion, a price-to-earnings ratio of 30.24, a P/E/G ratio of 2.45 and a beta of 0.83. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00. The firm has a 50 day moving average of $82.24 and a two-hundred day moving average of $83.43.

Medtronic (NYSE:MDTGet Free Report) last posted its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.45 by $0.01. The company had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.57 earnings per share. As a group, equities analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.37%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Friday, June 28th. Medtronic’s payout ratio is currently 100.36%.

Analysts Set New Price Targets

A number of research firms recently commented on MDT. Mizuho boosted their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. The Goldman Sachs Group assumed coverage on shares of Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, June 5th. UBS Group boosted their price target on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. Finally, Wells Fargo & Company boosted their price target on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $93.00.

Read Our Latest Analysis on Medtronic

Insider Buying and Selling

In related news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.30% of the stock is owned by insiders.

Medtronic Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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