First Affirmative Financial Network Boosts Stake in Medtronic plc (NYSE:MDT)

by · The Cerbat Gem

First Affirmative Financial Network raised its stake in shares of Medtronic plc (NYSE:MDT – Free Report) by 11.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,737 shares of the medical technology company’s stock after purchasing an additional 674 shares during the period. First Affirmative Financial Network’s holdings in Medtronic were worth $528,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. State Street Corp raised its position in Medtronic by 0.3% during the second quarter. State Street Corp now owns 60,146,861 shares of the medical technology company’s stock valued at $5,339,879,000 after purchasing an additional 175,765 shares during the period. Capital Research Global Investors raised its position in Medtronic by 4.9% during the second quarter. Capital Research Global Investors now owns 31,493,771 shares of the medical technology company’s stock valued at $2,774,598,000 after purchasing an additional 1,475,241 shares during the period. Wellington Management Group LLP raised its holdings in shares of Medtronic by 0.3% in the first quarter. Wellington Management Group LLP now owns 29,945,349 shares of the medical technology company’s stock worth $2,414,194,000 after buying an additional 88,302 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Medtronic by 1.6% in the first quarter. JPMorgan Chase & Co. now owns 20,349,983 shares of the medical technology company’s stock worth $1,640,616,000 after buying an additional 327,737 shares during the period. Finally, Franklin Resources Inc. raised its holdings in shares of Medtronic by 6.0% in the first quarter. Franklin Resources Inc. now owns 19,990,359 shares of the medical technology company’s stock worth $1,611,623,000 after buying an additional 1,124,808 shares during the period. 80.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 4,997 shares of the stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $82.17, for a total transaction of $410,603.49. Following the completion of the sale, the executive vice president now owns 28,910 shares in the company, valued at approximately $2,375,534.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

Medtronic Stock Down 0.0 %

Shares of NYSE MDT opened at $81.93 on Friday. The company has a current ratio of 2.29, a quick ratio of 1.69 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $108.93 billion, a PE ratio of 26.69, a price-to-earnings-growth ratio of 2.99 and a beta of 0.73. The stock’s fifty day simple moving average is $75.99 and its two-hundred day simple moving average is $80.82. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02.

Medtronic (NYSE:MDT – Get Free Report) last announced its earnings results on Tuesday, November 21st. The medical technology company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.07. The business had revenue of $7.98 billion for the quarter, compared to analysts’ expectations of $7.93 billion. Medtronic had a return on equity of 13.73% and a net margin of 12.83%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.30 EPS. As a group, analysts expect that Medtronic plc will post 5.16 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 12th. Shareholders of record on Wednesday, December 20th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a $2.76 annualized dividend and a yield of 3.37%. Medtronic’s dividend payout ratio (DPR) is presently 89.90%.

Analyst Ratings Changes

Several brokerages have recently weighed in on MDT. Truist Financial increased their price target on Medtronic from $84.00 to $87.00 and gave the stock a “hold” rating in a report on Friday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $82.00 price target on shares of Medtronic in a report on Wednesday, November 22nd. StockNews.com initiated coverage on Medtronic in a research note on Thursday, October 5th. They issued a “buy” rating on the stock. Finally, Morgan Stanley dropped their price objective on Medtronic from $104.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.08.

Read Our Latest Research Report on Medtronic

Medtronic Profile

(Free Report)

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.

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