Medtronic plc (NYSE:MDT) Shares Sold by Bank Pictet & Cie Europe AG

Bank Pictet & Cie Europe AG decreased its holdings in Medtronic plc (NYSE:MDT) by 67.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,978 shares of the medical technology company’s stock after selling 24,975 shares during the quarter. Bank Pictet & Cie Europe AG’s holdings in Medtronic were worth $957,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Cornerstone Wealth Management LLC boosted its position in shares of Medtronic by 4.8% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 12,778 shares of the medical technology company’s stock valued at $1,150,000 after purchasing an additional 586 shares during the period. Good Life Advisors LLC boosted its holdings in shares of Medtronic by 7.7% in the third quarter. Good Life Advisors LLC now owns 3,870 shares of the medical technology company’s stock worth $348,000 after buying an additional 276 shares during the period. Bleakley Financial Group LLC increased its position in shares of Medtronic by 13.9% in the third quarter. Bleakley Financial Group LLC now owns 63,622 shares of the medical technology company’s stock worth $5,728,000 after acquiring an additional 7,786 shares in the last quarter. Teamwork Financial Advisors LLC acquired a new stake in shares of Medtronic during the third quarter valued at approximately $217,000. Finally, Cardinal Capital Management lifted its position in shares of Medtronic by 1.1% in the 3rd quarter. Cardinal Capital Management now owns 71,537 shares of the medical technology company’s stock valued at $6,490,000 after acquiring an additional 770 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on MDT. Sanford C. Bernstein boosted their target price 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. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Wednesday. 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. Wells Fargo & Company dropped 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. Finally, Barclays lifted their target price 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. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Medtronic has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Price Performance

Shares of NYSE:MDT opened at $93.02 on Friday. The stock has a market capitalization of $119.28 billion, a P/E ratio of 28.45, a P/E/G ratio of 2.57 and a beta of 0.84. The business has a 50-day moving average of $85.33 and a two-hundred day moving average of $86.72. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $93.08. 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 (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same period in the previous year, the company earned $1.25 EPS. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, equities research analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced 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 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 presently 85.63%.

Insider Buying and Selling

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 stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, the executive vice president now 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 filing with the SEC, which is available through this link. Insiders own 0.20% of the company’s stock.

Medtronic 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.