DT Investment Partners LLC Increases Stock Position in Medtronic plc (NYSE:MDT)

DT Investment Partners LLC raised its holdings in Medtronic plc (NYSE:MDT) by 2.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,502 shares of the medical technology company’s stock after purchasing an additional 375 shares during the period. DT Investment Partners LLC’s holdings in Medtronic were worth $1,079,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of MDT. Fortitude Family Office LLC purchased a new position in shares of Medtronic during the third quarter valued at approximately $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic during the third quarter valued at approximately $27,000. Darwin Wealth Management LLC purchased a new position in shares of Medtronic during the third quarter valued at approximately $27,000. Stephens Consulting LLC lifted its stake in shares of 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 buying an additional 204 shares during the period. Finally, J. Stern & Co. LLP purchased a new position in shares of Medtronic during the third quarter valued at approximately $30,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

MDT has been the topic of several recent analyst reports. Sanford C. Bernstein upped their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Wells Fargo & Company reduced their price objective 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. Barclays upped their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. JPMorgan Chase & Co. dropped their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Finally, Truist Financial dropped their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average target price of $95.00.

Medtronic Price Performance

Medtronic stock opened at $92.27 on Friday. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $93.08. The firm has a fifty day moving average of $85.16 and a 200-day moving average of $86.68. The firm has a market capitalization of $118.32 billion, a P/E ratio of 28.22, a PEG ratio of 2.57 and a beta of 0.84. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

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

Medtronic Announces Dividend

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

Insider Activity

In other news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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.