Medtronic plc (NYSE:MDT) Position Lessened by Barry Investment Advisors LLC

Barry Investment Advisors LLC trimmed its position in shares of Medtronic plc (NYSE:MDT) by 5.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,304 shares of the medical technology company’s stock after selling 450 shares during the period. Barry Investment Advisors LLC’s holdings in Medtronic were worth $724,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of MDT. Boyar Asset Management Inc. grew its holdings in shares of Medtronic by 2.6% in the 4th quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock valued at $383,000 after buying an additional 120 shares during the period. Marino Stram & Associates LLC boosted its stake in 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 purchasing an additional 126 shares during the period. Angeles Investment Advisors LLC boosted its stake in 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 during the period. Rogco LP boosted its stake in 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 during the period. Finally, Verity Asset Management Inc. boosted its stake in 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 during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT stock traded up $0.08 on Friday, reaching $78.71. The stock had a trading volume of 8,917,219 shares, compared to its average volume of 6,371,193. The firm has a market capitalization of $100.93 billion, a price-to-earnings ratio of 28.62, a P/E/G ratio of 2.29 and a beta of 0.83. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00. The firm’s 50-day moving average is $81.85 and its two-hundred day moving average is $83.53.

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

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.70 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.56%. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio is currently 100.36%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on MDT shares. Truist Financial reduced their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday, May 24th. The Goldman Sachs Group started coverage on shares of Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, June 5th. Wells Fargo & Company boosted their price target on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Finally, UBS Group boosted their price target on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $93.00.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was 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 owns 143,348 shares in the company, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Medtronic 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.