Medtronic plc (NYSE:MDT) Position Reduced by Welch & Forbes LLC

Welch & Forbes LLC reduced its stake in shares of Medtronic plc (NYSE:MDT) by 17.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 83,834 shares of the medical technology company’s stock after selling 18,116 shares during the quarter. Welch & Forbes LLC’s holdings in Medtronic were worth $6,906,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Fortitude Family Office LLC acquired a new position in Medtronic in the fourth quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. grew its position in shares of Medtronic by 293.0% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 236,064 shares in the last quarter. MeadowBrook Investment Advisors LLC bought a new stake in shares of Medtronic in the 4th quarter valued at approximately $27,000. Financial Gravity Asset Management Inc. raised its position in shares of Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after acquiring an additional 279 shares in the last quarter. Finally, Princeton Global Asset Management LLC bought a new position in Medtronic during the third quarter worth $31,000. Institutional investors own 82.06% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Michael Marinaro sold 854 shares of Medtronic 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 transaction, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Michael Marinaro sold 854 shares of the business’s 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 transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Medtronic Price Performance

NYSE:MDT traded up $0.12 during mid-day trading on Tuesday, reaching $81.88. 4,939,706 shares of the stock were exchanged, compared to its average volume of 6,184,942. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The business has a fifty day moving average price of $83.01 and a 200 day moving average price of $81.69. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.00. The firm has a market capitalization of $108.72 billion, a PE ratio of 26.08, a PEG ratio of 2.66 and a beta of 0.78.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.04. The company had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.30 EPS. Research analysts expect that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.37%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is currently 87.90%.

Wall Street Analyst Weigh In

Several analysts have weighed in on MDT shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. Oppenheimer boosted their price objective on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Mizuho raised their price target on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Finally, Truist Financial increased their target price on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $94.91.

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.