Palouse Capital Management Inc. Trims Holdings in Medtronic plc (NYSE:MDT)

Palouse Capital Management Inc. trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 3.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,238 shares of the medical technology company’s stock after selling 888 shares during the quarter. Medtronic accounts for approximately 1.6% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 21st largest holding. Palouse Capital Management Inc.’s holdings in Medtronic were worth $2,326,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Hartford Financial Management Inc. grew its stake in Medtronic by 425.0% in the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after purchasing an additional 255 shares during the last quarter. Fortitude Family Office LLC purchased a new position in shares of Medtronic in the 4th quarter worth approximately $25,000. Leith Wheeler Investment Counsel Ltd. raised its stake in shares of Medtronic by 293.0% during 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. Financial Gravity Asset Management Inc. lifted its position in 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 acquiring an additional 279 shares during the last quarter. Finally, Princeton Global Asset Management LLC acquired a new stake in Medtronic in the third quarter valued at approximately $31,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MDT. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. Oppenheimer boosted their price target on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 21st. Truist Financial increased their price objective on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Finally, Mizuho boosted their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $94.91.

Insiders Place Their Bets

In other news, EVP Sean Salmon sold 30,695 shares of the company’s 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 transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The sale was disclosed in a filing with the SEC, which is available at this link. In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, 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 company insiders.

Medtronic Stock Performance

Shares of NYSE MDT traded up $0.31 during midday trading on Friday, reaching $79.50. 6,756,866 shares of the stock were exchanged, compared to its average volume of 6,320,910. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The firm has a market cap of $105.56 billion, a price-to-earnings ratio of 25.32, a PEG ratio of 2.71 and a beta of 0.76. The firm has a 50-day simple moving average of $83.93 and a two-hundred day simple moving average of $81.01. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.02.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.26 by $0.04. The company had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the business earned $1.30 earnings per share. As a group, analysts anticipate that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were issued a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.47%. Medtronic’s payout ratio is 87.90%.

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.