Crewe Advisors LLC Makes New Investment in Medtronic plc (NYSE:MDT)

Crewe Advisors LLC bought a new position in shares of Medtronic plc (NYSE:MDT) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 1,479 shares of the medical technology company’s stock, valued at approximately $129,000.

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

Medtronic Stock Performance

Shares of Medtronic stock traded down $1.54 on Thursday, hitting $78.43. The stock had a trading volume of 6,356,485 shares, compared to its average volume of 6,331,214. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.00. The business’s 50 day moving average is $80.51 and its two-hundred day moving average is $82.95. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The stock has a market cap of $100.57 billion, a price-to-earnings ratio of 28.52, a price-to-earnings-growth ratio of 2.31 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating the consensus estimate 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 in the prior year, the business earned $1.57 earnings per share. The firm’s revenue for the quarter was up .5% on a year-over-year basis. Analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were paid a $0.70 dividend. 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 3.57%. The ex-dividend date was Friday, June 28th. Medtronic’s payout ratio is 101.82%.

Insider Activity at Medtronic

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

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on MDT shares. UBS Group lifted their target price on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, May 24th. Citigroup lowered their price target on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Wells Fargo & Company boosted their price target on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Truist Financial lowered their price target on Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, July 16th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and an average price target of $90.90.

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.