Nottingham Advisors Inc. Takes $290,000 Position in Medtronic plc (NYSE:MDT)

Nottingham Advisors Inc. bought a new position in Medtronic plc (NYSE:MDT) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 3,690 shares of the medical technology company’s stock, valued at approximately $290,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. LifeSteps Financial Inc. bought a new position in shares of Medtronic in the first quarter valued at approximately $27,000. Lynx Investment Advisory bought a new stake in shares of Medtronic during the 2nd quarter worth $28,000. Tributary Capital Management LLC acquired a new position in Medtronic in the 1st quarter valued at $33,000. Riverview Trust Co bought a new position in Medtronic in the 1st quarter worth $39,000. Finally, Fortis Group Advisors LLC lifted its position in Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 230 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of Medtronic stock traded down $1.18 during trading on Thursday, hitting $89.85. 2,298,638 shares of the company’s stock traded hands, compared to its average volume of 6,271,925. The company has a market cap of $115.21 billion, a PE ratio of 33.10, a PEG ratio of 2.52 and a beta of 0.82. The firm’s fifty day moving average price is $81.86 and its 200 day moving average price is $82.54. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the previous year, the business earned $1.20 earnings per share. The company’s quarterly revenue was up 3.4% on a year-over-year basis. Analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

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 $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.12%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Insider Activity

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

Analyst Ratings Changes

MDT has been the topic of several research analyst reports. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their price target for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. The Goldman Sachs Group started coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Piper Sandler raised their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Finally, Robert W. Baird upped their target price on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus price target of $92.92.

Medtronic Company 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.