Hurlow Wealth Management Group Inc. Grows Stock Position in Medtronic plc (NYSE:MDT)

Hurlow Wealth Management Group Inc. lifted its stake in Medtronic plc (NYSE:MDT) by 13.4% in the second quarter, HoldingsChannel reports. The firm owned 3,383 shares of the medical technology company’s stock after acquiring an additional 400 shares during the quarter. Hurlow Wealth Management Group Inc.’s holdings in Medtronic were worth $298,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Wellington Management Group LLP boosted its holdings in Medtronic by 0.3% in the first quarter. Wellington Management Group LLP now owns 29,945,349 shares of the medical technology company’s stock valued at $2,414,194,000 after purchasing an additional 88,302 shares during the period. Geode Capital Management LLC lifted its holdings in Medtronic by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 27,222,300 shares of the medical technology company’s stock worth $2,112,247,000 after buying an additional 423,715 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Medtronic by 1.6% during the 1st quarter. JPMorgan Chase & Co. now owns 20,349,983 shares of the medical technology company’s stock worth $1,640,616,000 after buying an additional 327,737 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Medtronic by 2.7% during the 1st quarter. Bank of New York Mellon Corp now owns 20,120,071 shares of the medical technology company’s stock worth $1,622,080,000 after buying an additional 534,722 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Medtronic by 6.0% during the 1st quarter. Franklin Resources Inc. now owns 19,990,359 shares of the medical technology company’s stock worth $1,611,623,000 after buying an additional 1,124,808 shares during the last quarter. 80.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Michael Marinaro sold 1,352 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $84.11, for a total value of $113,716.72. Following the sale, the executive vice president now owns 28,930 shares in the company, valued at approximately $2,433,302.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, EVP Gregory L. Smith sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $83.84, for a total value of $838,400.00. Following the sale, the executive vice president now owns 46,723 shares in the company, valued at approximately $3,917,256.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Michael Marinaro sold 1,352 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $84.11, for a total value of $113,716.72. Following the completion of the sale, the executive vice president now directly owns 28,930 shares in the company, valued at approximately $2,433,302.30. The disclosure for this sale can be found here. Insiders have sold a total of 19,866 shares of company stock worth $1,688,839 in the last quarter. Company insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

NYSE MDT traded up $1.25 on Monday, hitting $83.02. 1,791,606 shares of the company’s stock were exchanged, compared to its average volume of 5,677,095. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.42 and a quick ratio of 1.79. The firm’s 50-day moving average price is $84.16 and its two-hundred day moving average price is $84.35. Medtronic plc has a fifty-two week low of $75.76 and a fifty-two week high of $92.02. The firm has a market cap of $110.46 billion, a price-to-earnings ratio of 30.69, a P/E/G ratio of 2.88 and a beta of 0.71.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.09. Medtronic had a return on equity of 13.81% and a net margin of 11.47%. The company had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.57 billion. During the same quarter in the previous year, the firm posted $1.13 EPS. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. On average, research analysts expect that Medtronic plc will post 5.12 EPS for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 22nd will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date is Thursday, September 21st. Medtronic’s dividend payout ratio is currently 101.85%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Mizuho lifted their price target on Medtronic from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, August 23rd. Stifel Nicolaus boosted their target price on Medtronic from $92.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, August 22nd. Robert W. Baird initiated coverage on Medtronic in a report on Tuesday, July 18th. They issued a “neutral” rating and a $90.00 target price for the company. Truist Financial reduced their target price on Medtronic from $93.00 to $90.00 in a report on Friday, May 26th. Finally, StockNews.com downgraded Medtronic from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 7th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $91.67.

Medtronic 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.