Parthenon LLC Cuts Stock Position in Medtronic plc (NYSE:MDT)

Parthenon LLC lessened its stake in shares of Medtronic plc (NYSE:MDT) by 2.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 92,873 shares of the medical technology company’s stock after selling 2,650 shares during the quarter. Medtronic comprises approximately 1.1% of Parthenon LLC’s portfolio, making the stock its 29th biggest position. Parthenon LLC’s holdings in Medtronic were worth $7,651,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MDT. Marino Stram & Associates LLC grew its position in shares of Medtronic by 1.8% in the 4th quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock worth $587,000 after acquiring an additional 126 shares in the last quarter. Modera Wealth Management LLC grew its position in shares of Medtronic by 3.9% in the 3rd quarter. Modera Wealth Management LLC now owns 3,537 shares of the medical technology company’s stock worth $277,000 after acquiring an additional 133 shares in the last quarter. jvl associates llc lifted its holdings in shares of Medtronic by 3.8% in the 4th quarter. jvl associates llc now owns 3,840 shares of the medical technology company’s stock worth $316,000 after purchasing an additional 139 shares during the last quarter. Dfpg Investments LLC lifted its holdings in shares of Medtronic by 0.3% in the 4th quarter. Dfpg Investments LLC now owns 53,045 shares of the medical technology company’s stock worth $4,413,000 after purchasing an additional 142 shares during the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co lifted its holdings in shares of Medtronic by 3.3% in the 3rd quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 4,653 shares of the medical technology company’s stock worth $365,000 after purchasing an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT traded down $0.61 during mid-day trading on Tuesday, reaching $80.25. The company had a trading volume of 6,487,312 shares, compared to its average volume of 6,251,118. 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 stock has a market cap of $106.56 billion, a PE ratio of 25.56, a P/E/G ratio of 2.73 and a beta of 0.76. The company has a 50-day moving average price of $83.35 and a two-hundred day moving average price of $81.38. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.02.

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

Medtronic Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is 87.90%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on MDT shares. 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. Truist Financial raised their price target on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Oppenheimer lifted their target price on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Medtronic presently has an average rating of “Hold” and an average price target of $94.91.

Insider Activity at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the firm’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 completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Marinaro sold 854 shares of the 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 directly owns 27,925 shares in the company, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

Medtronic 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.