Cornerstone Wealth Management LLC Has $1.14 Million Holdings in Medtronic plc (NYSE:MDT)

Cornerstone Wealth Management LLC boosted its stake in Medtronic plc (NYSE:MDT) by 11.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,242 shares of the medical technology company’s stock after purchasing an additional 1,464 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Medtronic were worth $1,138,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Copley Financial Group Inc. bought a new stake in Medtronic in the third quarter valued at about $694,000. Olstein Capital Management L.P. increased its holdings in Medtronic by 19.2% in the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after purchasing an additional 14,000 shares during the last quarter. Franklin Street Advisors Inc. NC increased its holdings in Medtronic by 32.6% in the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock valued at $5,873,000 after purchasing an additional 18,057 shares during the last quarter. Y Intercept Hong Kong Ltd increased its holdings in Medtronic by 322.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock valued at $6,626,000 after purchasing an additional 56,178 shares during the last quarter. Finally, Czech National Bank increased its holdings in Medtronic by 6.4% in the fourth quarter. Czech National Bank now owns 278,065 shares of the medical technology company’s stock valued at $22,212,000 after purchasing an additional 16,786 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the sale, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.20% of the stock is currently owned by insiders.

Medtronic Stock Performance

Shares of NYSE MDT opened at $90.07 on Friday. The stock has a 50 day moving average price of $83.70 and a 200 day moving average price of $85.41. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The stock has a market capitalization of $115.49 billion, a PE ratio of 27.54, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same period in the prior year, the firm posted $1.25 earnings per share. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. Analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic’s payout ratio is currently 85.63%.

Analysts Set New Price Targets

MDT has been the subject of a number of recent analyst reports. Sanford C. Bernstein upped their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. JPMorgan Chase & Co. lowered their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Truist Financial lowered their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Wells Fargo & Company lowered their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $95.00.

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.