Princeton Global Asset Management LLC Decreases Stock Position in Medtronic plc (NYSE:MDT)


Share on StockTwits

Princeton Global Asset Management LLC lessened its stake in Medtronic plc (NYSE:MDT) by 0.5% in the fourth quarter, Holdings Channel reports. The fund owned 19,773 shares of the medical technology company’s stock after selling 99 shares during the quarter. Princeton Global Asset Management LLC’s holdings in Medtronic were worth $2,316,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Nachman Norwood & Parrott Inc boosted its holdings in Medtronic by 1.3% in the 4th quarter. Nachman Norwood & Parrott Inc now owns 6,737 shares of the medical technology company’s stock worth $789,000 after acquiring an additional 85 shares during the period. Montecito Bank & Trust raised its position in shares of Medtronic by 1.4% in the 4th quarter. Montecito Bank & Trust now owns 6,647 shares of the medical technology company’s stock valued at $778,000 after purchasing an additional 90 shares in the last quarter. Teamwork Financial Advisors LLC raised its position in shares of Medtronic by 1.3% in the 4th quarter. Teamwork Financial Advisors LLC now owns 7,241 shares of the medical technology company’s stock valued at $848,000 after purchasing an additional 91 shares in the last quarter. Harrington Investments INC raised its position in shares of Medtronic by 0.8% in the 4th quarter. Harrington Investments INC now owns 11,436 shares of the medical technology company’s stock valued at $1,340,000 after purchasing an additional 92 shares in the last quarter. Finally, First Bank & Trust raised its position in shares of Medtronic by 17.5% in the 4th quarter. First Bank & Trust now owns 623 shares of the medical technology company’s stock valued at $73,000 after purchasing an additional 93 shares in the last quarter. Hedge funds and other institutional investors own 79.17% of the company’s stock.

In other news, SVP Carol A. Surface sold 15,000 shares of the company’s stock in a transaction on Monday, December 28th. The stock was sold at an average price of $114.90, for a total transaction of $1,723,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert John White sold 10,930 shares of the company’s stock in a transaction on Friday, December 18th. The shares were sold at an average price of $115.46, for a total value of $1,261,977.80. Following the sale, the executive vice president now directly owns 55,852 shares of the company’s stock, valued at $6,448,671.92. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.

MDT has been the topic of a number of recent analyst reports. Wells Fargo & Company upped their target price on Medtronic from $118.00 to $127.00 and gave the company an “overweight” rating in a research report on Wednesday, November 18th. BTIG Research upped their target price on Medtronic from $119.00 to $124.00 and gave the company a “buy” rating in a research report on Wednesday, November 25th. Piper Sandler upped their price target on Medtronic from $120.00 to $130.00 and gave the company an “overweight” rating in a research report on Tuesday, November 24th. Raymond James upped their price target on Medtronic from $115.00 to $122.00 and gave the company an “outperform” rating in a research report on Wednesday, November 25th. Finally, Credit Suisse Group upped their price target on Medtronic from $118.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday, November 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $120.93.

MDT stock traded up $3.44 during trading hours on Tuesday, hitting $119.19. 175,655 shares of the stock traded hands, compared to its average volume of 4,571,249. The stock has a 50-day simple moving average of $116.82 and a 200 day simple moving average of $110.18. Medtronic plc has a one year low of $72.13 and a one year high of $120.53. The company has a market cap of $160.43 billion, a P/E ratio of 44.18, a P/E/G ratio of 3.65 and a beta of 0.70. The company has a current ratio of 2.16, a quick ratio of 1.79 and a debt-to-equity ratio of 0.52.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 23rd. The medical technology company reported $1.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.14. Medtronic had a return on equity of 9.71% and a net margin of 12.69%. The business had revenue of $7.78 billion during the quarter, compared to analysts’ expectations of $7.77 billion. During the same quarter last year, the business posted $1.44 earnings per share. The company’s quarterly revenue was up .8% on a year-over-year basis. Analysts forecast that Medtronic plc will post 4.21 earnings per share for the current year.

About Medtronic

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

Featured Article: What moving averages are used to define a golden cross?

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic plc (NYSE:MDT).

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.