Coho Partners Ltd. Sells 185,045 Shares of Medtronic plc (NYSE:MDT)

Coho Partners Ltd. decreased its stake in shares of Medtronic plc (NYSE:MDT) by 17.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 850,070 shares of the medical technology company’s stock after selling 185,045 shares during the quarter. Medtronic makes up 3.1% of Coho Partners Ltd.’s portfolio, making the stock its 17th largest position. Coho Partners Ltd. owned 0.07% of Medtronic worth $67,904,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Wells Fargo & Company cut their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Wednesday. Robert W. Baird cut their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Barclays lifted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Finally, Truist Financial cut their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Up 1.0 %

MDT stock opened at $92.27 on Friday. The firm’s fifty day simple moving average is $85.16 and its 200-day simple moving average is $86.68. The company has a market capitalization of $118.32 billion, a P/E ratio of 28.22, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $93.08.

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

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.20% of the company’s stock.

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.