DDD Partners LLC Reduces Position in Medtronic plc (NYSE:MDT)

DDD Partners LLC lowered its stake in Medtronic plc (NYSE:MDT) by 3.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 254,015 shares of the medical technology company’s stock after selling 9,394 shares during the period. Medtronic makes up 2.5% of DDD Partners LLC’s investment portfolio, making the stock its 18th largest position. DDD Partners LLC’s holdings in Medtronic were worth $20,291,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in MDT. Keystone Financial Services increased its holdings in Medtronic by 8.1% in the 4th quarter. Keystone Financial Services now owns 6,630 shares of the medical technology company’s stock worth $530,000 after buying an additional 494 shares during the period. J.W. Cole Advisors Inc. increased its stake in shares of Medtronic by 3.5% in the fourth quarter. J.W. Cole Advisors Inc. now owns 9,778 shares of the medical technology company’s stock worth $781,000 after acquiring an additional 328 shares during the period. Csenge Advisory Group raised its holdings in shares of Medtronic by 54.2% during the fourth quarter. Csenge Advisory Group now owns 12,854 shares of the medical technology company’s stock worth $1,027,000 after purchasing an additional 4,517 shares during the last quarter. Copperleaf Capital LLC acquired a new position in Medtronic during the fourth quarter valued at $238,000. Finally, Allworth Financial LP boosted its holdings in Medtronic by 42.5% in the fourth quarter. Allworth Financial LP now owns 40,408 shares of the medical technology company’s stock valued at $3,549,000 after purchasing an additional 12,055 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at $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 available through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Medtronic Stock Up 0.9 %

MDT opened at $93.02 on Monday. The company has a market cap of $119.28 billion, a PE ratio of 28.45, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $93.08. The company has a 50-day moving average price of $85.51 and a 200 day moving average price of $86.86. 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 announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 13.79% and a net margin of 13.00%. The business’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.25 earnings per share. Sell-side analysts expect that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.01%. Medtronic’s payout ratio is currently 85.63%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MDT. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 12th. JPMorgan Chase & Co. decreased 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. Sanford C. Bernstein upped their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Robert W. Baird cut their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Finally, Truist Financial lowered their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average 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.