TRUE Private Wealth Advisors Trims Stock Holdings in Medtronic plc (NYSE:MDT)

TRUE Private Wealth Advisors decreased its stake in Medtronic plc (NYSE:MDT) by 15.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,185 shares of the medical technology company’s stock after selling 404 shares during the quarter. TRUE Private Wealth Advisors’ holdings in Medtronic were worth $272,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of MDT. Nuveen Asset Management LLC boosted its stake in shares of Medtronic by 26.5% in the first quarter. Nuveen Asset Management LLC now owns 13,070,609 shares of the medical technology company’s stock worth $1,544,031,000 after acquiring an additional 2,735,614 shares during the period. Sanders Capital LLC boosted its stake in shares of Medtronic by 26.2% in the second quarter. Sanders Capital LLC now owns 10,326,216 shares of the medical technology company’s stock worth $1,411,131,000 after acquiring an additional 2,145,361 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Medtronic by 6.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 21,957,284 shares of the medical technology company’s stock worth $2,593,814,000 after acquiring an additional 1,417,008 shares during the period. Fred Alger Management LLC boosted its stake in Medtronic by 765.0% during the first quarter. Fred Alger Management LLC now owns 1,508,260 shares of the medical technology company’s stock valued at $178,171,000 after buying an additional 1,333,893 shares during the last quarter. Finally, Cullen Capital Management LLC boosted its stake in Medtronic by 300.3% during the first quarter. Cullen Capital Management LLC now owns 1,504,367 shares of the medical technology company’s stock valued at $177,711,000 after buying an additional 1,128,561 shares during the last quarter. Institutional investors and hedge funds own 79.59% of the company’s stock.

Shares of NYSE MDT traded up $0.19 during midday trading on Wednesday, hitting $130.77. The company’s stock had a trading volume of 15,646 shares, compared to its average volume of 4,377,941. The company has a current ratio of 2.89, a quick ratio of 2.34 and a debt-to-equity ratio of 0.50. The business’s 50 day moving average is $129.86 and its two-hundred day moving average is $125.79. Medtronic plc has a 12-month low of $98.94 and a 12-month high of $135.89. The firm has a market cap of $175.74 billion, a P/E ratio of 45.66, a price-to-earnings-growth ratio of 2.62 and a beta of 0.80.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Monday, August 23rd. The medical technology company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.32 by $0.09. The company had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $7.88 billion. Medtronic had a return on equity of 13.85% and a net margin of 12.29%. Medtronic’s quarterly revenue was up 22.7% on a year-over-year basis. During the same period last year, the business posted $0.62 EPS. On average, analysts predict that Medtronic plc will post 5.7 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Friday, September 24th will be issued a dividend of $0.63 per share. The ex-dividend date of this dividend is Thursday, September 23rd. This represents a $2.52 annualized dividend and a yield of 1.93%.

A number of equities analysts recently commented on MDT shares. Argus increased their price target on Medtronic from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, August 27th. William Blair reissued a “market perform” rating on shares of Medtronic in a research note on Thursday, May 27th. Truist Securities increased their price target on Medtronic from $138.00 to $148.00 and gave the company a “buy” rating in a research note on Wednesday, August 25th. increased their price target on Medtronic from $133.00 to $143.00 and gave the company a “buy” rating in a research note on Friday, May 28th. Finally, Wells Fargo & Company increased their price target on Medtronic from $140.00 to $151.00 and gave the company an “overweight” rating in a research note on Wednesday, August 25th. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $144.18.

In other Medtronic news, CEO Geoffrey Martha sold 11,500 shares of the stock in a transaction on Monday, June 28th. The stock was sold at an average price of $125.29, for a total transaction of $1,440,835.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Bradley E. Lerman sold 4,000 shares of the firm’s stock in a transaction on Monday, August 2nd. The stock was sold at an average price of $131.52, for a total value of $526,080.00. The disclosure for this sale can be found here. Insiders have sold a total of 106,390 shares of company stock worth $14,140,470 over the last 90 days. 0.47% of the stock is currently owned by company insiders.

Medtronic Profile

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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