Cornerstone Wealth Management LLC Purchases 661 Shares of Medtronic plc (NYSE:MDT)

Cornerstone Wealth Management LLC raised its position in shares of Medtronic plc (NYSE:MDT) by 6.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,643 shares of the medical technology company’s stock after acquiring an additional 661 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Medtronic were worth $1,015,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Fortitude Family Office LLC purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $25,000. MeadowBrook Investment Advisors LLC purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $27,000. Financial Gravity Asset Management Inc. lifted its holdings in shares of Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after purchasing an additional 279 shares during the last quarter. Tributary Capital Management LLC purchased a new position in shares of Medtronic during the first quarter valued at approximately $33,000. Finally, Riverview Trust Co purchased a new position in shares of Medtronic during the first quarter valued at approximately $39,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

Shares of MDT stock traded down $0.20 during mid-day trading on Thursday, reaching $77.17. 2,838,401 shares of the company’s stock traded hands, compared to its average volume of 6,333,819. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00. The firm has a 50 day moving average price of $81.64 and a two-hundred day moving average price of $83.41. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The firm has a market capitalization of $98.95 billion, a PE ratio of 28.06, a price-to-earnings-growth ratio of 2.25 and a beta of 0.82.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share 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%. Medtronic’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.57 EPS. On average, research analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a $0.70 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.80 annualized dividend and a yield of 3.63%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is currently 101.82%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Truist Financial lowered their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a report on Friday, May 24th. UBS Group boosted their price objective on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. The Goldman Sachs Group began coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective for the company. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, June 5th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $91.70.

Insider Buying and Selling

In related news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the sale, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

About Medtronic

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.