Saxon Interests Inc. Boosts Stake in Medtronic plc (NYSE:MDT)

Saxon Interests Inc. boosted its holdings in shares of Medtronic plc (NYSE:MDT) by 10.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,917 shares of the medical technology company’s stock after purchasing an additional 918 shares during the quarter. Saxon Interests Inc.’s holdings in Medtronic were worth $864,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. Naviter Wealth LLC increased its holdings in shares of Medtronic by 44.0% in the first quarter. Naviter Wealth LLC now owns 15,634 shares of the medical technology company’s stock worth $1,373,000 after purchasing an additional 4,778 shares during the last quarter. Nvest Financial LLC boosted its position in shares of Medtronic by 17.8% during the 1st quarter. Nvest Financial LLC now owns 7,764 shares of the medical technology company’s stock valued at $677,000 after acquiring an additional 1,171 shares during the last quarter. InTrack Investment Management Inc increased its position in Medtronic by 11.7% in the first quarter. InTrack Investment Management Inc now owns 5,973 shares of the medical technology company’s stock worth $521,000 after purchasing an additional 625 shares during the last quarter. MV Capital Management Inc. raised its stake in Medtronic by 193.4% during the first quarter. MV Capital Management Inc. now owns 24,015 shares of the medical technology company’s stock valued at $2,093,000 after purchasing an additional 15,830 shares in the last quarter. Finally, Exchange Capital Management Inc. grew its stake in shares of Medtronic by 3.1% in the 1st quarter. Exchange Capital Management Inc. now owns 35,274 shares of the medical technology company’s stock worth $3,074,000 after buying an additional 1,070 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Medtronic Trading Up 0.3 %

MDT stock traded up $0.25 during midday trading on Tuesday, reaching $77.37. The company’s stock had a trading volume of 6,565,674 shares, compared to its average volume of 6,342,100. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00. The firm has a market capitalization of $99.21 billion, a price-to-earnings ratio of 28.05, a PEG ratio of 2.29 and a beta of 0.82. The stock has a fifty day simple moving average of $81.78 and a two-hundred day simple moving average of $83.49. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03.

Medtronic (NYSE:MDT) last posted its quarterly 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 for 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 firm’s revenue was up .5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.57 EPS. On average, equities research analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a $0.70 dividend. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.62%. Medtronic’s payout ratio is presently 101.82%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, June 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Wells Fargo & Company lifted their target price on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Truist Financial lowered their price target on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research report on Friday, May 24th. Finally, The Goldman Sachs Group started coverage on shares of Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and an average price target of $91.70.

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.