Albion Financial Group UT Has $1.79 Million Holdings in Medtronic plc (NYSE:MDT)

Albion Financial Group UT raised its position in Medtronic plc (NYSE:MDT) by 10.1% in the first quarter, HoldingsChannel reports. The fund owned 20,558 shares of the medical technology company’s stock after purchasing an additional 1,887 shares during the quarter. Albion Financial Group UT’s holdings in Medtronic were worth $1,792,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Boyar Asset Management Inc. boosted its position in shares of Medtronic by 2.6% during the fourth 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 last quarter. Marino Stram & Associates LLC boosted its position in shares of Medtronic by 1.8% during the fourth quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock valued at $587,000 after buying an additional 126 shares during the last quarter. Angeles Investment Advisors LLC boosted its position in shares of Medtronic by 1.0% during the fourth quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock valued at $1,046,000 after buying an additional 128 shares during the last quarter. Rogco LP boosted its position in shares of Medtronic by 1.9% during the fourth quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock valued at $561,000 after buying an additional 129 shares during the last quarter. Finally, Verity Asset Management Inc. boosted its position in shares of Medtronic by 4.3% during the fourth quarter. Verity Asset Management Inc. now owns 3,194 shares of the medical technology company’s stock valued at $263,000 after buying an additional 132 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Activity at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction 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 directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Medtronic Stock Performance

Shares of MDT traded down $0.20 during mid-day trading on Wednesday, hitting $77.17. The stock had a trading volume of 2,838,397 shares, compared to its average volume of 6,318,653. The firm has a market cap of $98.95 billion, a P/E ratio of 28.10, a PEG ratio of 2.29 and a beta of 0.82. The business has a fifty day moving average price of $81.71 and a 200-day moving average price of $83.45. 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 52 week low of $68.84 and a 52 week high of $91.00.

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

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.63%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. Medtronic’s payout ratio is presently 101.82%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MDT shares. UBS Group lifted their price target on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. The Goldman Sachs Group started coverage on Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, June 5th. Finally, Wells Fargo & Company lifted their price target on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $91.70.

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.