Miles Capital Inc. lifted its stake in Medtronic PLC (NYSE:MDT) by 5.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,781 shares of the medical technology company’s stock after buying an additional 152 shares during the period. Miles Capital Inc.’s holdings in Medtronic were worth $271,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Hayden Royal LLC acquired a new position in shares of Medtronic in the 2nd quarter worth approximately $275,000. Rockefeller Capital Management L.P. raised its holdings in shares of Medtronic by 0.6% in the 1st quarter. Rockefeller Capital Management L.P. now owns 1,357,738 shares of the medical technology company’s stock worth $123,663,000 after buying an additional 7,939 shares in the last quarter. Cim LLC raised its holdings in shares of Medtronic by 12.9% in the 2nd quarter. Cim LLC now owns 4,189 shares of the medical technology company’s stock worth $408,000 after buying an additional 480 shares in the last quarter. Concentric Wealth Management LLC increased its holdings in Medtronic by 3.1% during the 2nd quarter. Concentric Wealth Management LLC now owns 19,536 shares of the medical technology company’s stock valued at $1,903,000 after purchasing an additional 595 shares in the last quarter. Finally, Belpointe Asset Management LLC increased its holdings in Medtronic by 35.3% during the 1st quarter. Belpointe Asset Management LLC now owns 4,581 shares of the medical technology company’s stock valued at $417,000 after purchasing an additional 1,196 shares in the last quarter. 81.19% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:MDT traded down $1.07 during midday trading on Friday, hitting $109.31. The company had a trading volume of 298,720 shares, compared to its average volume of 4,687,985. Medtronic PLC has a 12 month low of $81.66 and a 12 month high of $111.24. The company has a current ratio of 2.67, a quick ratio of 2.20 and a debt-to-equity ratio of 0.49. The stock has a market cap of $144.20 billion, a price-to-earnings ratio of 21.06, a PEG ratio of 2.64 and a beta of 0.65. The firm has a fifty day simple moving average of $104.67 and a 200 day simple moving average of $95.67.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Friday, September 27th will be given a $0.54 dividend. The ex-dividend date is Thursday, September 26th. This represents a $2.16 annualized dividend and a dividend yield of 1.98%. Medtronic’s dividend payout ratio is currently 41.38%.
A number of research firms recently weighed in on MDT. BMO Capital Markets raised their price target on Medtronic from $107.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, August 21st. Barclays raised their price target on Medtronic from $110.00 to $117.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Royal Bank of Canada set a $110.00 price target on Medtronic and gave the company a “buy” rating in a report on Friday, August 16th. Oppenheimer raised their price target on Medtronic from $110.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, August 21st. Finally, ValuEngine cut Medtronic from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $114.15.
In other Medtronic news, SVP Bradley E. Lerman sold 6,599 shares of Medtronic stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $102.02, for a total transaction of $673,229.98. Following the transaction, the senior vice president now directly owns 105,960 shares in the company, valued at $10,810,039.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Hooman Hakami sold 82,877 shares of Medtronic stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $107.31, for a total value of $8,893,530.87. Following the transaction, the executive vice president now owns 30,761 shares in the company, valued at $3,300,962.91. The disclosure for this sale can be found here. Insiders sold a total of 105,914 shares of company stock worth $11,194,591 over the last 90 days. 0.28% of the stock is owned by corporate 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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