Procyon Advisors LLC Has $1.17 Million Holdings in Medtronic plc (NYSE:MDT)

Procyon Advisors LLC decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 17.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,178 shares of the medical technology company’s stock after selling 3,058 shares during the quarter. Procyon Advisors LLC’s holdings in Medtronic were worth $1,168,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. State Street Corp boosted its holdings in shares of Medtronic by 0.3% during the 2nd quarter. State Street Corp now owns 60,146,861 shares of the medical technology company’s stock worth $5,339,879,000 after buying an additional 175,765 shares during the period. Morgan Stanley boosted its holdings in shares of Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after buying an additional 1,994,123 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Medtronic by 2.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock worth $1,597,954,000 after buying an additional 508,205 shares during the period. Moneta Group Investment Advisors LLC boosted its holdings in shares of Medtronic by 127,655.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock worth $1,100,544,000 after buying an additional 14,149,287 shares during the period. Finally, Norges Bank bought a new stake in Medtronic in the 4th quarter valued at $1,062,316,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Mizuho increased their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, February 21st. Oppenheimer increased their target price on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Finally, Truist Financial raised 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. One 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $94.91.

Insider Activity

In other news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the sale, the executive vice president now directly owns 48,289 shares in the company, valued at $4,110,842.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by corporate insiders.

Medtronic Trading Up 0.7 %

Medtronic stock traded up $0.58 during midday trading on Thursday, hitting $87.50. 759,926 shares of the stock were exchanged, compared to its average volume of 6,208,196. The company has a fifty day simple moving average of $85.21 and a two-hundred day simple moving average of $80.68. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02. The stock has a market capitalization of $116.18 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 quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46.

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

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 22nd will be issued a $0.69 dividend. The ex-dividend date is Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.15%. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

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.