Norden Group LLC Decreases Stock Holdings in Medtronic plc (NYSE:MDT)

Norden Group LLC reduced its stake in shares of Medtronic plc (NYSE:MDT) by 1.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,425 shares of the medical technology company’s stock after selling 555 shares during the quarter. Norden Group LLC’s holdings in Medtronic were worth $3,149,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Darwin Wealth Management LLC purchased a new stake in shares of Medtronic during the 3rd quarter worth $27,000. J. Stern & Co. LLP purchased a new stake in shares of Medtronic during the 3rd quarter worth $30,000. Stephens Consulting LLC lifted its stake in shares of Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 204 shares during the last quarter. Fiduciary Advisors Inc. purchased a new stake in shares of Medtronic during the 4th quarter worth $36,000. Finally, Chelsea Counsel Co. purchased a new stake in shares of Medtronic during the 3rd quarter worth $45,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MDT shares. Royal Bank of Canada restated an “outperform” rating and set a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. JPMorgan Chase & Co. reduced their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Wells Fargo & Company reduced their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Finally, Sanford C. Bernstein upped their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Up 1.4 %

Shares of MDT stock opened at $92.00 on Friday. The stock’s 50-day simple moving average is $87.08 and its 200-day simple moving average is $87.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The firm has a market capitalization of $117.97 billion, a PE ratio of 27.96, a P/E/G ratio of 2.22 and a beta of 0.84. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $93.08.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. Equities analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors 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 3.04%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is 85.11%.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is owned by corporate insiders.

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.