Medtronic plc (NYSE:MDT) Shares Sold by Highland Capital Management LLC

Highland Capital Management LLC trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 4.9% during the second quarter, Holdings Channel reports. The fund owned 54,190 shares of the medical technology company’s stock after selling 2,820 shares during the quarter. Highland Capital Management LLC’s holdings in Medtronic were worth $4,265,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Tempus Wealth Planning LLC acquired a new stake in Medtronic during the second quarter worth about $219,000. AMI Investment Management Inc. lifted its holdings in shares of Medtronic by 1.9% in the 2nd quarter. AMI Investment Management Inc. now owns 35,844 shares of the medical technology company’s stock worth $2,821,000 after purchasing an additional 680 shares during the last quarter. Fullcircle Wealth LLC acquired a new position in Medtronic during the 2nd quarter valued at approximately $2,216,000. Kanawha Capital Management LLC grew its stake in Medtronic by 6.7% during the 2nd quarter. Kanawha Capital Management LLC now owns 116,702 shares of the medical technology company’s stock worth $9,186,000 after buying an additional 7,337 shares during the last quarter. Finally, Waterway Wealth Management LLC increased its position in Medtronic by 4.8% in the second quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock worth $217,000 after buying an additional 126 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Activity at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MDT. Wells Fargo & Company upped their price target on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday. The Goldman Sachs Group assumed coverage on Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price for the company. Truist Financial boosted their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday. Oppenheimer lifted their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday. Finally, Citigroup reduced their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $92.92.

Medtronic Price Performance

Shares of NYSE:MDT traded up $0.52 on Friday, hitting $88.35. The stock had a trading volume of 4,843,533 shares, compared to its average volume of 6,307,863. The company has a market capitalization of $113.29 billion, a price-to-earnings ratio of 32.13, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $89.24. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The firm’s 50 day moving average price is $80.48 and its 200-day moving average price is $82.28.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.20 earnings per share. On average, equities research analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

Medtronic Profile

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.