Medtronic plc (NYSE:MDT) Stake Lowered by Cardinal Capital Management Inc.

Cardinal Capital Management Inc. trimmed its position in shares of Medtronic plc (NYSE:MDT) by 0.4% in the 4th quarter, Holdings Channel.com reports. The fund owned 270,111 shares of the medical technology company’s stock after selling 1,185 shares during the quarter. Cardinal Capital Management Inc.’s holdings in Medtronic were worth $21,576,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mutual Advisors LLC raised its position in Medtronic by 12.7% during the fourth quarter. Mutual Advisors LLC now owns 46,168 shares of the medical technology company’s stock valued at $4,024,000 after acquiring an additional 5,190 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Medtronic by 5.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 1,154,272 shares of the medical technology company’s stock worth $92,203,000 after purchasing an additional 64,533 shares during the last quarter. Marino Stram & Associates LLC lifted its stake in shares of Medtronic by 7.8% in the 4th quarter. Marino Stram & Associates LLC now owns 7,419 shares of the medical technology company’s stock valued at $593,000 after purchasing an additional 534 shares during the last quarter. Westside Investment Management Inc. boosted its holdings in Medtronic by 5.1% in the fourth quarter. Westside Investment Management Inc. now owns 18,474 shares of the medical technology company’s stock worth $1,476,000 after purchasing an additional 890 shares in the last quarter. Finally, Magnus Financial Group LLC increased its position in Medtronic by 16.9% during the fourth quarter. Magnus Financial Group LLC now owns 3,433 shares of the medical technology company’s stock worth $274,000 after buying an additional 497 shares during the last quarter. 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. Sanford C. Bernstein lifted their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Truist Financial dropped their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Barclays lifted their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Finally, Robert W. Baird lowered their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Price Performance

Shares of NYSE MDT opened at $87.84 on Thursday. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68. The company has a market cap of $112.64 billion, a PE ratio of 26.86, a price-to-earnings-growth ratio of 2.50 and a beta of 0.83. The business’s 50 day moving average price is $83.64 and its two-hundred day moving average price is $85.39. 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 (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS 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 analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company earned $1.25 EPS. On average, analysts predict that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued 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 dividend yield of 3.19%. Medtronic’s dividend payout ratio (DPR) is currently 85.63%.

Insider Activity

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.20% of the stock is currently 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.