StrongBox Wealth LLC Increases Stake in Medtronic PLC (NYSE:MDT)

StrongBox Wealth LLC increased its position in Medtronic PLC (NYSE:MDT) by 11.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 13,675 shares of the medical technology company’s stock after acquiring an additional 1,383 shares during the quarter. StrongBox Wealth LLC’s holdings in Medtronic were worth $1,254,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Huntington National Bank boosted its stake in Medtronic by 3.6% in the 2nd quarter. Huntington National Bank now owns 75,205 shares of the medical technology company’s stock worth $6,896,000 after purchasing an additional 2,624 shares during the period. TradeLink Capital LLC bought a new stake in shares of Medtronic during the 2nd quarter valued at about $271,000. Washington Trust Bank boosted its position in shares of Medtronic by 2.9% during the 2nd quarter. Washington Trust Bank now owns 82,264 shares of the medical technology company’s stock valued at $7,544,000 after acquiring an additional 2,354 shares during the last quarter. Ballast Advisors LLC boosted its position in shares of Medtronic by 14.5% during the 2nd quarter. Ballast Advisors LLC now owns 10,380 shares of the medical technology company’s stock valued at $952,000 after acquiring an additional 1,312 shares during the last quarter. Finally, Mitchell Capital Management Co. boosted its position in shares of Medtronic by 2.5% during the 2nd quarter. Mitchell Capital Management Co. now owns 9,614 shares of the medical technology company’s stock valued at $882,000 after acquiring an additional 231 shares during the last quarter. 81.01% of the stock is owned by institutional investors.

Shares of NYSE MDT traded up $0.01 during mid-day trading on Friday, hitting $96.48. 5,154,028 shares of the stock traded hands, compared to its average volume of 4,376,060. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.72 and a current ratio of 2.13. Medtronic PLC has a 52 week low of $72.13 and a 52 week high of $122.15. The company has a market cap of $129.41 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 3.65 and a beta of 0.67. The stock has a fifty day moving average price of $93.73 and a 200-day moving average price of $99.84.

Medtronic (NYSE:MDT) last released its earnings results on Thursday, May 21st. The medical technology company reported $0.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.28 by ($0.70). Medtronic had a return on equity of 12.17% and a net margin of 16.56%. The company had revenue of $6 billion during the quarter, compared to the consensus estimate of $6.10 billion. During the same period last year, the firm posted $1.54 earnings per share. The company’s revenue was down 26.4% compared to the same quarter last year. As a group, sell-side analysts predict that Medtronic PLC will post 3.41 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.40%. This is an increase from Medtronic’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend was Thursday, June 25th. Medtronic’s payout ratio is 50.54%.

In other Medtronic news, SVP Carol A. Surface sold 2,000 shares of the business’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $97.72, for a total value of $195,440.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.28% of the company’s stock.

MDT has been the subject of a number of research analyst reports. Piper Sandler dropped their price target on Medtronic from $135.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday, May 21st. Needham & Company LLC reissued a “buy” rating and set a $113.00 price objective on shares of Medtronic in a report on Wednesday, July 15th. CSFB reissued a “buy” rating and set a $117.00 price objective on shares of Medtronic in a report on Saturday, May 23rd. UBS Group decreased their price objective on Medtronic from $130.00 to $118.00 and set a “buy” rating on the stock in a report on Friday, May 22nd. Finally, Raymond James decreased their price objective on Medtronic from $110.00 to $107.00 and set an “outperform” rating on the stock in a report on Friday, May 22nd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $113.55.

About Medtronic

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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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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