TKG Advisors LLC purchased a new position in Medtronic PLC (NYSE:MDT – Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 26,578 shares of the medical technology company’s stock, valued at approximately $2,303,000.
Several other institutional investors and hedge funds have also made changes to their positions in the stock. Brighton Jones LLC raised its stake in Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Sivia Capital Partners LLC boosted its stake in shares of Medtronic by 9.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company’s stock worth $380,000 after purchasing an additional 381 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of Medtronic during the 2nd quarter worth about $299,000. Main Street Financial Solutions LLC grew its holdings in shares of Medtronic by 28.9% during the second quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company’s stock worth $1,251,000 after buying an additional 3,218 shares in the last quarter. Finally, HUB Investment Partners LLC grew its holdings in shares of Medtronic by 21.3% during the second quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company’s stock worth $1,676,000 after buying an additional 3,376 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.
Medtronic Stock Performance
Shares of MDT stock opened at $79.32 on Thursday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. The firm has a market capitalization of $101.53 billion, a price-to-earnings ratio of 21.26, a price-to-earnings-growth ratio of 2.10 and a beta of 0.56. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33. The company has a 50 day moving average price of $79.02 and a 200 day moving average price of $89.23.
Medtronic Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 3.6%. This is a boost from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Friday, June 26th. Medtronic’s dividend payout ratio (DPR) is presently 77.21%.
Insider Transactions at Medtronic
In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the completion of the sale, the executive vice president directly owned 37,227 shares in the company, valued at $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.26% of the company’s stock.
Analyst Ratings Changes
MDT has been the topic of several recent analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Medtronic from $100.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $88.00 target price on shares of Medtronic in a research note on Thursday, June 4th. Wells Fargo & Company cut their price target on Medtronic from $114.00 to $102.00 and set an “overweight” rating for the company in a report on Thursday, June 4th. Evercore set a $106.00 price objective on Medtronic and gave the stock an “outperform” rating in a report on Thursday, April 9th. Finally, BTIG Research upgraded Medtronic from a “neutral” rating to a “buy” rating and set a $90.00 price objective on the stock in a report on Wednesday, June 3rd. Seventeen equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, Medtronic has a consensus rating of “Moderate Buy” and an average target price of $99.00.
Check Out Our Latest Report on Medtronic
Medtronic Profile
Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.
Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).
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