NewEdge Wealth LLC Sells 987 Shares of Medtronic plc (NYSE:MDT)

NewEdge Wealth LLC reduced its stake in Medtronic plc (NYSE:MDT) by 3.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,219 shares of the medical technology company’s stock after selling 987 shares during the period. NewEdge Wealth LLC’s holdings in Medtronic were worth $2,334,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Whipplewood Advisors LLC bought a new stake in Medtronic in the fourth quarter valued at $120,000. Simmons Bank increased its stake in Medtronic by 6.7% in the fourth quarter. Simmons Bank now owns 8,810 shares of the medical technology company’s stock valued at $704,000 after purchasing an additional 550 shares in the last quarter. Brightwater Advisory LLC increased its stake in Medtronic by 403.3% in the fourth quarter. Brightwater Advisory LLC now owns 3,241 shares of the medical technology company’s stock valued at $259,000 after purchasing an additional 2,597 shares in the last quarter. National Pension Service increased its stake in Medtronic by 1.8% in the fourth quarter. National Pension Service now owns 2,726,075 shares of the medical technology company’s stock valued at $217,759,000 after purchasing an additional 48,043 shares in the last quarter. Finally, DMKC Advisory Services LLC bought a new stake in Medtronic in the fourth quarter valued at $1,645,000. 82.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MDT shares. Barclays boosted their target price 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. JPMorgan Chase & Co. decreased their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Robert W. Baird boosted their target price 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. Wells Fargo & Company decreased their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Finally, Truist Financial decreased their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Up 1.4 %

Medtronic stock opened at $92.00 on Friday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $93.08. The stock has a market cap of $117.97 billion, a PE ratio of 27.96, a price-to-earnings-growth ratio of 2.22 and a beta of 0.84. The firm’s 50-day simple moving average is $87.08 and its 200 day simple moving average is $87.42. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

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

Medtronic Announces Dividend

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

Insider Buying and Selling at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The shares were 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 in the company, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate 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.