Triangle Securities Wealth Management Reduces Stake in Medtronic plc (NYSE:MDT)

Triangle Securities Wealth Management trimmed its stake in Medtronic plc (NYSE:MDT) by 22.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,230 shares of the medical technology company’s stock after selling 952 shares during the quarter. Triangle Securities Wealth Management’s holdings in Medtronic were worth $258,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Edgestream Partners L.P. purchased a new stake in Medtronic in the 2nd quarter worth approximately $239,000. AE Wealth Management LLC lifted its stake in Medtronic by 24.7% in the 2nd quarter. AE Wealth Management LLC now owns 9,578 shares of the medical technology company’s stock worth $754,000 after purchasing an additional 1,896 shares in the last quarter. Pacer Advisors Inc. lifted its stake in Medtronic by 37.6% in the 2nd quarter. Pacer Advisors Inc. now owns 124,197 shares of the medical technology company’s stock worth $9,776,000 after purchasing an additional 33,959 shares in the last quarter. Summit Trail Advisors LLC lifted its stake in Medtronic by 1.2% in the 2nd quarter. Summit Trail Advisors LLC now owns 14,812 shares of the medical technology company’s stock worth $1,176,000 after purchasing an additional 169 shares in the last quarter. Finally, Ensign Peak Advisors Inc lifted its stake in Medtronic by 5.9% in the 2nd quarter. Ensign Peak Advisors Inc now owns 388,629 shares of the medical technology company’s stock worth $30,589,000 after purchasing an additional 21,545 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of research analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Robert W. Baird decreased their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Evercore ISI increased their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Wells Fargo & Company decreased their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Finally, Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and an average price target of $95.00.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the sale, the executive vice president now directly 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is owned by insiders.

Medtronic Price Performance

Medtronic stock opened at $88.23 on Monday. The company has a market cap of $113.13 billion, a price-to-earnings ratio of 26.98, a PEG ratio of 2.28 and a beta of 0.83. The firm’s fifty day moving average is $83.64 and its 200 day moving average is $85.16. 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 plc has a 52-week low of $75.96 and a 52-week high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the previous year, the business posted $1.25 earnings per share. The business’s revenue was up 5.2% compared to the same quarter last year. Sell-side analysts forecast that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Medtronic Company 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.