Medtronic plc (NYSE:MDT) Shares Purchased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC increased its position in shares of Medtronic plc (NYSE:MDT) by 6.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 368,682 shares of the medical technology company’s stock after purchasing an additional 21,995 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Medtronic were worth $29,019,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MDT. International Assets Investment Management LLC grew its stake in shares of Medtronic by 2.5% during the fourth quarter. International Assets Investment Management LLC now owns 12,607 shares of the medical technology company’s stock worth $1,039,000 after purchasing an additional 302 shares in the last quarter. Tennessee Valley Asset Management Partners acquired a new position in Medtronic in the fourth quarter valued at $60,000. Crestwood Advisors Group LLC boosted its stake in Medtronic by 12.7% in the fourth quarter. Crestwood Advisors Group LLC now owns 5,521 shares of the medical technology company’s stock valued at $455,000 after acquiring an additional 623 shares in the last quarter. Cornercap Investment Counsel Inc. acquired a new position in Medtronic in the fourth quarter valued at $943,000. Finally, Cullen Investment Group LTD. acquired a new position in Medtronic in the fourth quarter valued at $5,618,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT stock opened at $81.73 on Thursday. The firm has a market cap of $104.80 billion, a P/E ratio of 29.72, a P/E/G ratio of 2.35 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $89.18. The firm has a fifty day moving average of $79.97 and a two-hundred day moving average of $82.38.

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

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.43%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date was Friday, June 28th. Medtronic’s payout ratio is presently 101.82%.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MDT. Citigroup decreased their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Stifel Nicolaus cut shares of Medtronic from a “buy” rating to a “hold” rating and dropped their target price for the company from $100.00 to $85.00 in a report on Wednesday. Wells Fargo & Company increased their target price on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. The Goldman Sachs Group began coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price for the company. Finally, UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the company from $76.00 to $90.00 in a research report on Thursday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $91.30.

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.