Weatherly Asset Management L. P. Sells 1,541 Shares of Medtronic plc (NYSE:MDT)

Weatherly Asset Management L. P. trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 35.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,805 shares of the medical technology company’s stock after selling 1,541 shares during the quarter. Weatherly Asset Management L. P.’s holdings in Medtronic were worth $233,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Fortitude Family Office LLC purchased a new position in Medtronic in the 4th quarter worth approximately $25,000. Hartford Financial Management Inc. raised its position in Medtronic by 425.0% during the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after purchasing an additional 255 shares in the last quarter. Financial Gravity Asset Management Inc. lifted its stake in Medtronic by 317.0% during 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 last quarter. Princeton Global Asset Management LLC bought a new position in shares of Medtronic during the 3rd quarter valued at about $31,000. Finally, Rakuten Securities Inc. purchased a new position in shares of Medtronic during the 4th quarter valued at about $49,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 1.0 %

MDT stock traded down $0.83 during trading on Wednesday, reaching $80.46. The company had a trading volume of 2,477,759 shares, compared to its average volume of 6,240,807. The business has a 50 day moving average of $83.80 and a 200 day moving average of $81.14. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The company has a market cap of $106.84 billion, a P/E ratio of 25.66, a PEG ratio of 2.76 and a beta of 0.76. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $7.95 billion. During the same quarter last year, the business posted $1.30 EPS. The firm’s revenue for the quarter 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 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders 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 3.43%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio is 87.90%.

Insider Buying and Selling

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the business’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 directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at $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. Also, 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 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 disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on MDT shares. Truist Financial increased their price target 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. Mizuho upped their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. Finally, 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. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.