TrinityPoint Wealth LLC lowered its stake in Medtronic PLC (NYSE:MDT) by 4.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 20,909 shares of the medical technology company’s stock after selling 925 shares during the quarter. Medtronic accounts for 1.0% of TrinityPoint Wealth LLC’s portfolio, making the stock its 25th biggest position. TrinityPoint Wealth LLC’s holdings in Medtronic were worth $2,140,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Rocky Mountain Advisers LLC increased its position in Medtronic by 100.0% in the second quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock worth $39,000 after buying an additional 200 shares in the last quarter. Mackey Komara & Dankovich LLC purchased a new stake in Medtronic in the 1st quarter worth approximately $38,000. Motco grew its stake in Medtronic by 159.3% in the 1st quarter. Motco now owns 516 shares of the medical technology company’s stock worth $47,000 after acquiring an additional 317 shares during the period. Stuart Chaussee & Associates Inc. purchased a new stake in Medtronic in the 1st quarter worth approximately $48,000. Finally, Ruggie Capital Group purchased a new stake in Medtronic in the 2nd quarter worth approximately $52,000. Hedge funds and other institutional investors own 80.62% of the company’s stock.
MDT traded up $0.27 during midday trading on Thursday, hitting $108.06. The company had a trading volume of 211,360 shares, compared to its average volume of 4,314,171. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.15 and a current ratio of 2.59. The company has a market capitalization of $139.72 billion, a PE ratio of 20.69, a P/E/G ratio of 2.67 and a beta of 0.67. Medtronic PLC has a twelve month low of $81.66 and a twelve month high of $109.70. The firm’s 50-day simple moving average is $101.30 and its 200-day simple moving average is $93.87.
The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 8th were issued a $0.54 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend was Friday, July 5th. Medtronic’s dividend payout ratio (DPR) is currently 41.38%.
Several analysts have commented on the stock. Northland Securities reaffirmed a “hold” rating and issued a $100.00 target price on shares of Medtronic in a research note on Wednesday. Oppenheimer boosted their price objective on shares of Medtronic from $110.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday. Royal Bank of Canada set a $110.00 price objective on shares of Medtronic and gave the stock a “buy” rating in a report on Friday, August 16th. Deutsche Bank boosted their price objective on shares of Medtronic from $100.00 to $111.00 and gave the stock a “buy” rating in a report on Monday. Finally, BTIG Research boosted their price objective on shares of Medtronic to $120.00 and gave the stock a “buy” rating in a report on Wednesday. Seven analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $112.18.
In other Medtronic news, EVP Hoedt Rob Ten sold 9,000 shares of Medtronic stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $91.88, for a total transaction of $826,920.00. Following the completion of the transaction, the executive vice president now owns 58,785 shares of the company’s stock, valued at approximately $5,401,165.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Richard Kuntz sold 3,438 shares of Medtronic stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $101.12, for a total value of $347,650.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,701 shares of company stock worth $9,318,744. 0.28% of the stock is owned by company insiders.
Medtronic Company Profile
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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