Penn Mutual Asset Management LLC Acquires Shares of 2,700 Medtronic plc (NYSE:MDT)

Penn Mutual Asset Management LLC bought a new position in shares of Medtronic plc (NYSE:MDT) in the 4th quarter, Holdings Channel reports. The fund bought 2,700 shares of the medical technology company’s stock, valued at approximately $222,000.

A number of other institutional investors and hedge funds have also bought and sold shares of MDT. Pine Valley Investments Ltd Liability Co boosted its stake in Medtronic by 4.1% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 14,281 shares of the medical technology company’s stock valued at $1,121,000 after purchasing an additional 562 shares during the period. Pathstone Family Office LLC boosted its position in shares of Medtronic by 111.5% in the third quarter. Pathstone Family Office LLC now owns 70,782 shares of the medical technology company’s stock valued at $5,574,000 after acquiring an additional 37,312 shares during the period. HighTower Advisors LLC grew its stake in shares of Medtronic by 3.1% in the third quarter. HighTower Advisors LLC now owns 1,453,154 shares of the medical technology company’s stock valued at $113,972,000 after acquiring an additional 43,848 shares in the last quarter. Shepherd Financial Partners LLC increased its position in Medtronic by 20.8% during the third quarter. Shepherd Financial Partners LLC now owns 6,534 shares of the medical technology company’s stock worth $512,000 after acquiring an additional 1,124 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Medtronic in the 3rd quarter worth about $105,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday. Truist Financial lowered their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research note on Friday, May 24th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, May 24th. UBS Group raised their price target on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. Finally, Mizuho upped their price objective on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $93.00.

Insider Activity

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

Medtronic Price Performance

MDT stock traded up $1.73 during trading on Friday, reaching $84.07. 7,038,909 shares of the company were exchanged, compared to its average volume of 6,669,230. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.00. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. The company has a market capitalization of $111.63 billion, a price-to-earnings ratio of 30.57, a P/E/G ratio of 2.45 and a beta of 0.83. The company has a 50-day moving average of $82.32 and a two-hundred day moving average of $83.36.

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

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.70 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend is Friday, June 28th. Medtronic’s payout ratio is 100.36%.

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.