Lakeside Advisors INC. Sells 1,193 Shares of Medtronic plc (NYSE:MDT)

Lakeside Advisors INC. trimmed its holdings in Medtronic plc (NYSE:MDT) by 6.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,399 shares of the medical technology company’s stock after selling 1,193 shares during the quarter. Medtronic comprises 0.9% of Lakeside Advisors INC.’s portfolio, making the stock its 24th biggest holding. Lakeside Advisors INC.’s holdings in Medtronic were worth $1,351,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Hartford Financial Management Inc. increased its position in Medtronic by 425.0% in the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after purchasing an additional 255 shares during the period. Fortitude Family Office LLC acquired a new stake in Medtronic in the fourth quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. increased its position in Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 236,064 shares during the period. Financial Gravity Asset Management Inc. increased its position in Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 279 shares during the period. Finally, Princeton Global Asset Management LLC acquired a new stake in Medtronic in the third quarter worth about $31,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Down 1.2 %

NYSE MDT traded down $0.98 during trading on Wednesday, hitting $79.25. The stock had a trading volume of 7,674,490 shares, compared to its average volume of 5,758,655. The company has a market capitalization of $105.23 billion, a PE ratio of 25.24, a P/E/G ratio of 2.74 and a beta of 0.76. The company’s 50-day moving average price is $84.35 and its two-hundred day moving average price is $81.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. 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 data 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. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $7.95 billion. During the same quarter in the prior year, the business posted $1.30 EPS. The business’s revenue was up 4.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio is currently 87.90%.

Insider Activity at Medtronic

In related news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction on Wednesday, February 21st. The stock was 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 owns 48,289 shares in the company, valued at approximately $4,110,842.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, 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 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 legal filing with the SEC, which is accessible through the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was 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 owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MDT shares. Mizuho lifted their price objective on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Oppenheimer boosted their target price on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Truist Financial boosted their target price on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $92.00 target price 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 issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average 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.