Isthmus Partners LLC Trims Stock Position in Medtronic plc (NYSE:MDT)

Isthmus Partners LLC lowered its holdings in shares of Medtronic plc (NYSE:MDT) by 1.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 68,213 shares of the medical technology company’s stock after selling 980 shares during the quarter. Isthmus Partners LLC’s holdings in Medtronic were worth $8,467,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Inverness Counsel LLC NY purchased a new stake in shares of Medtronic during the 2nd quarter valued at about $225,000. Marcum Wealth LLC grew its stake in shares of Medtronic by 3.7% during the 2nd quarter. Marcum Wealth LLC now owns 8,448 shares of the medical technology company’s stock valued at $1,049,000 after acquiring an additional 298 shares during the period. National Asset Management Inc. grew its stake in shares of Medtronic by 4.1% during the 2nd quarter. National Asset Management Inc. now owns 36,904 shares of the medical technology company’s stock valued at $4,575,000 after acquiring an additional 1,446 shares during the period. Highlander Capital Management LLC grew its stake in shares of Medtronic by 0.9% during the 2nd quarter. Highlander Capital Management LLC now owns 15,956 shares of the medical technology company’s stock valued at $1,981,000 after acquiring an additional 150 shares during the period. Finally, Cambridge Investment Research Advisors Inc. grew its stake in shares of Medtronic by 2.2% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 129,343 shares of the medical technology company’s stock valued at $16,055,000 after acquiring an additional 2,774 shares during the period. 79.59% of the stock is owned by hedge funds and other institutional investors.

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

MDT has been the subject of a number of recent research reports. BTIG Research downgraded Medtronic from a “buy” rating to a “neutral” rating in a research note on Monday, August 9th. Morgan Stanley boosted their price objective on Medtronic from $140.00 to $154.00 and gave the company an “overweight” rating in a research note on Wednesday, August 25th. SVB Leerink boosted their price objective on Medtronic from $129.00 to $138.00 and gave the company a “market perform” rating in a research note on Friday, May 28th. Truist Securities upped their price target on Medtronic from $138.00 to $148.00 and gave the stock a “buy” rating in a research note on Wednesday, August 25th. Finally, Piper Sandler restated an “overweight” rating and issued a $152.00 price target (up from $140.00) on shares of Medtronic in a research note on Tuesday, August 24th. Five equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $144.18.

MDT stock traded up $1.17 during midday trading on Wednesday, reaching $131.75. The company’s stock had a trading volume of 76,923 shares, compared to its average volume of 4,377,941. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.34 and a current ratio of 2.89. The stock has a fifty day simple moving average of $129.86 and a two-hundred day simple moving average of $125.79. Medtronic plc has a 1 year low of $98.94 and a 1 year high of $135.89. The firm has a market capitalization of $177.06 billion, a price-to-earnings ratio of 45.66, a PEG ratio of 2.62 and a beta of 0.80.

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

The company also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Friday, September 24th will be paid 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 dividend yield of 1.91%.

About Medtronic

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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