Kestra Advisory Services LLC Acquires 21,594 Shares of Medtronic plc (NYSE:MDT)

Kestra Advisory Services LLC increased its position in Medtronic plc (NYSE:MDT) by 17.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 148,211 shares of the medical technology company’s stock after purchasing an additional 21,594 shares during the quarter. Kestra Advisory Services LLC’s holdings in Medtronic were worth $12,917,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MeadowBrook Investment Advisors LLC bought a new stake in Medtronic during the 4th quarter worth about $27,000. LifeSteps Financial Inc. acquired a new position in Medtronic during the 1st quarter worth approximately $27,000. Tributary Capital Management LLC acquired a new position in Medtronic during the 1st quarter worth approximately $33,000. Fortis Group Advisors LLC boosted its position in Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 230 shares during the last quarter. Finally, Hartford Financial Management Inc. raised its stake in shares of Medtronic by 52.1% during the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock worth $39,000 after purchasing an additional 164 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s 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 completion of the transaction, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, July 17th. UBS Group raised their price objective on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. Citigroup reduced their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Truist Financial lowered their target price on Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, July 16th. Finally, The Goldman Sachs Group began coverage on Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective on the stock. Two investment 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, the stock has a consensus rating of “Hold” and a consensus price target of $90.90.

Medtronic Stock Up 0.3 %

MDT traded up $0.24 during trading on Monday, hitting $78.94. 275,251 shares of the company’s stock traded hands, compared to its average volume of 6,276,976. The company’s 50 day simple moving average is $80.36 and its two-hundred day simple moving average is $82.84. The company has a current ratio of 2.03, a quick ratio of 1.55 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 $89.18. The stock has a market capitalization of $101.22 billion, a price-to-earnings ratio of 28.62, a PEG ratio of 2.29 and a beta of 0.82.

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

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $2.80 annualized dividend and a yield of 3.55%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

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.