Medtronic plc (NYSE:MDT) Shares Purchased by Old North State Wealth Management LLC

Old North State Wealth Management LLC raised its stake in Medtronic plc (NYSE:MDT) by 4.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 33,114 shares of the medical technology company’s stock after buying an additional 1,548 shares during the quarter. Medtronic makes up about 1.5% of Old North State Wealth Management LLC’s investment portfolio, making the stock its 25th largest holding. Old North State Wealth Management LLC’s holdings in Medtronic were worth $2,648,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Fortitude Family Office LLC bought a new position in Medtronic in the 3rd quarter worth about $27,000. Highline Wealth Partners LLC acquired a new position in shares of Medtronic during the third quarter worth approximately $27,000. Darwin Wealth Management LLC bought a new position in Medtronic in the 3rd quarter worth approximately $27,000. Stephens Consulting LLC increased its position in Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 204 shares during the period. Finally, J. Stern & Co. LLP bought a new stake in Medtronic during the 3rd quarter valued at $30,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 0.5 %

Shares of Medtronic stock opened at $90.99 on Wednesday. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $93.08. The company has a market cap of $116.67 billion, a P/E ratio of 27.82, a P/E/G ratio of 2.57 and a beta of 0.84. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The stock has a 50-day moving average price of $84.47 and a 200 day moving average price of $86.16.

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

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.08%. Medtronic’s dividend payout ratio is 85.63%.

Insider Activity

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

MDT has been the subject of several recent analyst reports. Royal Bank of Canada raised 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 research note on Thursday, October 10th. Wells Fargo & Company lowered their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. JPMorgan Chase & Co. cut their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Truist Financial dropped their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Monday, November 18th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price 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.