Medtronic plc (NYSE:MDT) Holdings Cut by Okabena Investment Services Inc.

Okabena Investment Services Inc. lowered its stake in shares of Medtronic plc (NYSE:MDT) by 12.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,248 shares of the medical technology company’s stock after selling 448 shares during the period. Okabena Investment Services Inc.’s holdings in Medtronic were worth $259,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Mainstream Capital Management LLC acquired a new position in Medtronic in the 4th quarter worth about $26,000. Rakuten Securities Inc. increased its holdings in Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after buying an additional 294 shares during the last quarter. Stephens Consulting LLC raised its position in Medtronic by 145.7% during the fourth 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 in the last quarter. Fiduciary Advisors Inc. bought a new stake in Medtronic in the fourth quarter worth approximately $36,000. Finally, Chelsea Counsel Co. acquired a new position in shares of Medtronic during the 3rd quarter worth $45,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and increased their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird lifted their target price on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Finally, Truist Financial decreased their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average price target of $96.07.

Insider Activity

In other news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the sale, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.20% of the company’s stock.

Medtronic Stock Performance

MDT opened at $87.62 on Friday. The stock’s 50 day simple moving average is $90.98 and its 200-day simple moving average is $88.03. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The stock has a market cap of $112.38 billion, a PE ratio of 26.63, a P/E/G ratio of 2.22 and a beta of 0.80. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Sell-side analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s payout ratio is 85.11%.

Medtronic Company 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.