Cornerstone Wealth Management LLC Boosts Stake in Medtronic plc (NYSE:MDT)

Cornerstone Wealth Management LLC boosted its stake in Medtronic plc (NYSE:MDT) by 4.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 12,192 shares of the medical technology company’s stock after purchasing an additional 549 shares during the period. Cornerstone Wealth Management LLC’s holdings in Medtronic were worth $960,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors boosted its holdings 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 valued at $2,691,577,000 after purchasing an additional 2,044,109 shares during the period. Bank of New York Mellon Corp grew its position in shares of Medtronic by 3.5% during 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 buying an additional 727,931 shares in the last quarter. Norges Bank acquired a new position in shares of Medtronic during the fourth quarter worth about $1,229,726,000. Sanders Capital LLC lifted its stake 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 last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Medtronic by 0.9% during 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 purchasing an additional 101,111 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

MDT traded up $1.80 during trading on Thursday, reaching $83.54. 2,636,881 shares of the stock were exchanged, compared to its average volume of 6,219,657. The company has a market capitalization of $107.12 billion, a price-to-earnings 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 business’s 50 day moving average price is $79.97 and its two-hundred day moving average price is $82.38.

Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (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 company 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 business posted $1.57 earnings per share. The firm’s quarterly revenue was up .5% compared to the same quarter last year. As a group, equities research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were given a $0.70 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend was Friday, June 28th. Medtronic’s dividend payout ratio is currently 101.82%.

Analyst Ratings Changes

MDT has been the subject of several analyst reports. Truist Financial lowered their price objective on Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, July 16th. 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 objective on the stock. Wells Fargo & Company upped their price objective on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday. Finally, UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and upped their price target for the stock from $76.00 to $90.00 in a research note on Thursday. One equities research 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. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $91.30.

Insider Activity at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of Medtronic 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 completion of the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.30% of the company’s stock.

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.