Drexel Morgan & Co. Trims Stake in Medtronic plc (NYSE:MDT)

Drexel Morgan & Co. decreased its position in Medtronic plc (NYSE:MDT) by 3.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 20,221 shares of the medical technology company’s stock after selling 683 shares during the quarter. Medtronic comprises about 0.7% of Drexel Morgan & Co.’s holdings, making the stock its 29th largest position. Drexel Morgan & Co.’s holdings in Medtronic were worth $2,510,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Hoylecohen LLC grew its position in shares of Medtronic by 1.9% in the second quarter. Hoylecohen LLC now owns 22,802 shares of the medical technology company’s stock valued at $2,830,000 after purchasing an additional 418 shares during the period. Legal & General Group Plc boosted its stake in Medtronic by 3.7% in the 2nd quarter. Legal & General Group Plc now owns 9,311,564 shares of the medical technology company’s stock worth $1,155,859,000 after buying an additional 335,638 shares during the last quarter. Scotia Capital Inc. grew its holdings in Medtronic by 3.7% in the 2nd quarter. Scotia Capital Inc. now owns 465,223 shares of the medical technology company’s stock valued at $57,749,000 after buying an additional 16,555 shares during the period. SeaCrest Wealth Management LLC increased its stake in shares of Medtronic by 4.7% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 12,790 shares of the medical technology company’s stock valued at $1,588,000 after acquiring an additional 578 shares during the last quarter. Finally, Albion Financial Group UT purchased a new position in shares of Medtronic during the 2nd quarter worth about $2,453,000. Institutional investors own 79.59% of the company’s stock.

In other news, SVP Bradley E. Lerman sold 50,775 shares of the stock in a transaction on Tuesday, August 31st. The stock was sold at an average price of $134.17, for a total value of $6,812,481.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Geoffrey Martha sold 11,581 shares of the firm’s stock in a transaction dated Wednesday, August 25th. The shares were sold at an average price of $132.67, for a total transaction of $1,536,451.27. Following the transaction, the chief executive officer now directly owns 97,317 shares in the company, valued at approximately $12,911,046.39. The disclosure for this sale can be found here. In the last quarter, insiders have sold 94,775 shares of company stock worth $12,685,433. 0.47% of the stock is owned by company insiders.

Several brokerages recently commented on MDT. Wells Fargo & Company upped their price target on shares of Medtronic from $140.00 to $151.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 25th. Stifel Nicolaus increased their target price on Medtronic from $140.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, August 25th. Piper Sandler reissued an “overweight” rating and set a $152.00 price target (up previously from $140.00) on shares of Medtronic in a research report on Tuesday, August 24th. Raymond James raised their price objective on Medtronic from $135.00 to $142.00 and gave the stock an “outperform” rating in a report on Wednesday, August 25th. Finally, Credit Suisse Group boosted their target price on Medtronic from $137.00 to $146.00 and gave the stock an “outperform” rating in a report on Wednesday, August 25th. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Buy” and an average target price of $144.18.

Medtronic stock traded down $2.31 during midday trading on Tuesday, hitting $126.44. The stock had a trading volume of 64,341 shares, compared to its average volume of 4,341,598. The business has a fifty day moving average price of $130.40 and a 200 day moving average price of $126.56. Medtronic plc has a 12 month low of $98.94 and a 12 month high of $135.89. The stock has a market cap of $169.92 billion, a P/E ratio of 45.02, a P/E/G ratio of 2.62 and a beta of 0.80. The company has a current ratio of 2.89, a quick ratio of 2.34 and a debt-to-equity ratio of 0.50.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Monday, August 23rd. The medical technology company reported $1.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.32 by $0.09. The business 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 was up 22.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.62 EPS. On average, equities analysts anticipate that Medtronic plc will post 5.7 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Friday, September 24th will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date is Thursday, September 23rd.

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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