Medtronic plc (NYSE:MDT) Position Cut by Arlington Partners LLC

Arlington Partners LLC trimmed its stake in Medtronic plc (NYSE:MDT) by 20.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 38,959 shares of the medical technology company’s stock after selling 10,232 shares during the quarter. Arlington Partners LLC’s holdings in Medtronic were worth $3,112,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Equitable Trust Co. lifted its stake in Medtronic by 91.7% in the fourth quarter. Equitable Trust Co. now owns 39,645 shares of the medical technology company’s stock valued at $3,167,000 after buying an additional 18,968 shares during the last quarter. Savant Capital LLC increased its holdings in shares of Medtronic by 138.0% during the fourth quarter. Savant Capital LLC now owns 89,644 shares of the medical technology company’s stock valued at $7,161,000 after purchasing an additional 51,985 shares during the period. Angeles Wealth Management LLC increased its holdings in shares of Medtronic by 36.3% during the fourth quarter. Angeles Wealth Management LLC now owns 3,085 shares of the medical technology company’s stock valued at $246,000 after purchasing an additional 822 shares during the period. HTLF Bank increased its holdings in shares of Medtronic by 0.3% during the fourth quarter. HTLF Bank now owns 59,009 shares of the medical technology company’s stock valued at $4,714,000 after purchasing an additional 173 shares during the period. Finally, Tevis Investment Management increased its holdings in shares of Medtronic by 1.3% during the fourth quarter. Tevis Investment Management now owns 42,304 shares of the medical technology company’s stock valued at $3,409,000 after purchasing an additional 556 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Barclays raised their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. lowered their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Robert W. Baird lowered their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Wells Fargo & Company lowered their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Finally, Truist Financial lowered their target price on 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 assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Trading Down 0.9 %

Shares of MDT opened at $90.01 on Monday. The business’s 50-day moving average price is $84.85 and its 200 day moving average price is $86.43. The stock has a market capitalization of $115.42 billion, a P/E ratio of 27.53, a P/E/G ratio of 2.57 and a beta of 0.84. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The firm had revenue of $8.40 billion for 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%. Medtronic’s revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the business posted $1.25 EPS. Analysts expect that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. Medtronic’s dividend payout ratio is currently 85.63%.

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.