Steward Partners Investment Advisory LLC Grows Stock Position in Medtronic plc (NYSE:MDT)

Steward Partners Investment Advisory LLC lifted its stake in Medtronic plc (NYSE:MDT) by 10.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 228,560 shares of the medical technology company’s stock after buying an additional 21,244 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Medtronic were worth $18,257,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of MDT. Darwin Wealth Management LLC purchased a new position in Medtronic in the third quarter valued at $27,000. Stephens Consulting LLC grew its position 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 valued at $27,000 after acquiring an additional 204 shares during the period. J. Stern & Co. LLP purchased a new position in shares of Medtronic in the 3rd quarter valued at about $30,000. Fiduciary Advisors Inc. acquired a new position in Medtronic in the 4th quarter worth about $36,000. Finally, Kieckhefer Group LLC purchased a new position in Medtronic during the fourth quarter worth approximately $40,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MDT. UBS Group boosted their price objective on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $92.00 to $107.00 in a report on Tuesday. Truist Financial decreased their price objective 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. Royal Bank of Canada reissued an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Robert W. Baird upped their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus price target of $96.07.

Insider Activity

In related news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction 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 transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.20% of the company’s stock.

Medtronic Stock Down 1.3 %

Shares of NYSE MDT opened at $93.09 on Wednesday. The stock has a market cap of $119.40 billion, a P/E ratio of 28.30, a PEG ratio of 2.22 and a beta of 0.84. The business’s fifty day simple moving average is $87.57 and its 200-day simple moving average is $87.63. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $95.57. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. As a group, equities analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.11%.

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.