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

Armistice Capital LLC lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 9.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 608,000 shares of the medical technology company’s stock after selling 63,407 shares during the period. Medtronic makes up approximately 0.7% of Armistice Capital LLC’s portfolio, making the stock its 26th biggest holding. Armistice Capital LLC’s holdings in Medtronic were worth $50,087,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Marino Stram & Associates LLC grew its holdings in Medtronic by 1.8% during the fourth quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock worth $587,000 after acquiring an additional 126 shares during the period. Rogco LP grew its holdings in Medtronic by 1.9% in the fourth quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock valued at $561,000 after purchasing an additional 129 shares during the last quarter. Verity Asset Management Inc. grew its holdings in Medtronic by 4.3% in the fourth quarter. Verity Asset Management Inc. now owns 3,194 shares of the medical technology company’s stock valued at $263,000 after purchasing an additional 132 shares during the last quarter. Modera Wealth Management LLC grew its holdings in Medtronic by 3.9% in the third quarter. Modera Wealth Management LLC now owns 3,537 shares of the medical technology company’s stock valued at $277,000 after purchasing an additional 133 shares during the last quarter. Finally, jvl associates llc grew its holdings in Medtronic by 3.8% in the fourth quarter. jvl associates llc now owns 3,840 shares of the medical technology company’s stock valued at $316,000 after purchasing an additional 139 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insiders Place Their Bets

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

MDT has been the topic of several research reports. The Goldman Sachs Group initiated coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Wells Fargo & Company upped their target price on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Mizuho upped their target price on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $93.00.

Medtronic Stock Down 1.0 %

NYSE MDT traded down $0.85 during mid-day trading on Wednesday, reaching $82.42. 1,648,443 shares of the company’s stock traded hands, compared to its average volume of 6,244,428. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.00. The company has a fifty day simple moving average of $82.57 and a 200-day simple moving average of $83.28. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The company has a market cap of $109.44 billion, a price-to-earnings ratio of 29.84, a P/E/G ratio of 2.39 and a beta of 0.83.

Medtronic (NYSE:MDT) last released its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter last year, the business posted $1.57 EPS. Medtronic’s quarterly revenue was up .5% compared to the same quarter last year. As a group, equities research analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend is Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio (DPR) is currently 100.36%.

About Medtronic

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.