Lynx Investment Advisory Purchases New Shares in Medtronic plc (NYSE:MDT)

Lynx Investment Advisory purchased a new stake in shares of Medtronic plc (NYSE:MDT) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 359 shares of the medical technology company’s stock, valued at approximately $28,000.

A number of other large investors also recently made changes to their positions in MDT. Capital Research Global Investors raised its position in Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the period. Bank of New York Mellon Corp raised its position in Medtronic by 3.5% in the first quarter. Bank of New York Mellon Corp now owns 21,817,063 shares of the medical technology company’s stock worth $1,901,357,000 after acquiring an additional 727,931 shares during the period. Norges Bank bought a new stake in Medtronic in the fourth quarter worth about $1,229,726,000. Sanders Capital LLC raised its position in Medtronic by 2.8% in the fourth quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock worth $1,040,802,000 after acquiring an additional 346,641 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Medtronic by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock worth $893,352,000 after acquiring an additional 101,111 shares during the period. 82.06% of the stock is owned by institutional investors.

Insider Transactions at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.30% of the company’s stock.

Medtronic Price Performance

MDT stock traded up $0.93 during midday trading on Wednesday, reaching $81.71. The company had a trading volume of 2,535,421 shares, compared to its average volume of 6,289,192. 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 company has a market capitalization of $104.77 billion, a P/E ratio of 29.83, a P/E/G ratio of 2.35 and a beta of 0.82. The firm has a 50-day moving average price of $79.98 and a 200-day moving average price of $82.54.

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

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend 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%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MDT. UBS Group lifted their target price on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, May 24th. Truist Financial reduced their target price on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, July 16th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. The Goldman Sachs Group began coverage on shares of Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price for the company. Finally, Citigroup reduced their target price 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. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus price target of $90.90.

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.