Medtronic plc (NYSE:MDT) Stake Trimmed by DDD Partners LLC

DDD Partners LLC cut its holdings in shares of Medtronic plc (NYSE:MDT) by 0.6% in the fourth quarter, HoldingsChannel reports. The fund owned 217,162 shares of the medical technology company’s stock after selling 1,208 shares during the quarter. Medtronic accounts for 2.4% of DDD Partners LLC’s portfolio, making the stock its 19th biggest holding. DDD Partners LLC’s holdings in Medtronic were worth $17,890,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of MDT. Fairfield Bush & CO. acquired a new stake in shares of Medtronic during the 1st quarter valued at about $47,000. MAS Advisors LLC lifted its holdings in Medtronic by 10.3% in the 1st quarter. MAS Advisors LLC now owns 2,388 shares of the medical technology company’s stock worth $266,000 after purchasing an additional 223 shares during the last quarter. LSV Asset Management lifted its holdings in Medtronic by 34.5% in the 1st quarter. LSV Asset Management now owns 7,400 shares of the medical technology company’s stock worth $821,000 after purchasing an additional 1,900 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in Medtronic by 22.8% in the 1st quarter. NewEdge Advisors LLC now owns 74,914 shares of the medical technology company’s stock worth $8,312,000 after purchasing an additional 13,895 shares during the last quarter. Finally, Kinneret Advisory LLC lifted its holdings in Medtronic by 2.3% in the 1st quarter. Kinneret Advisory LLC now owns 15,340 shares of the medical technology company’s stock worth $1,712,000 after purchasing an additional 343 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, 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 transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is owned by corporate insiders.

Medtronic Trading Up 3.8 %

NYSE MDT opened at $86.92 on Thursday. The stock has a 50-day simple moving average of $85.21 and a 200 day simple moving average of $80.68. The company has a market capitalization of $115.41 billion, a PE ratio of 27.68, a P/E/G ratio of 2.86 and a beta of 0.76. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.02.

Medtronic (NYSE:MDT) last announced its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.30 earnings per share. Research analysts forecast that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be issued a dividend of $0.69 per share. The ex-dividend date is Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.18%. Medtronic’s payout ratio is presently 87.90%.

Wall Street Analyst Weigh In

Several research analysts have commented on MDT shares. Mizuho lifted their price target on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Truist Financial boosted their price objective on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Oppenheimer boosted their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.