Everence Capital Management Inc. Decreases Stake in Medtronic plc (NYSE:MDT)

Everence Capital Management Inc. reduced its stake in shares of Medtronic plc (NYSE:MDT) by 16.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 42,950 shares of the medical technology company’s stock after selling 8,610 shares during the quarter. Everence Capital Management Inc.’s holdings in Medtronic were worth $3,431,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Simon Quick Advisors LLC increased its stake in shares of Medtronic by 26.0% in the second quarter. Simon Quick Advisors LLC now owns 3,164 shares of the medical technology company’s stock worth $249,000 after acquiring an additional 653 shares during the period. Foundations Investment Advisors LLC raised its stake in shares of Medtronic by 5.1% during the 2nd quarter. Foundations Investment Advisors LLC now owns 14,911 shares of the medical technology company’s stock valued at $1,174,000 after buying an additional 717 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of Medtronic by 12.2% in the 2nd quarter. Larson Financial Group LLC now owns 20,772 shares of the medical technology company’s stock valued at $1,635,000 after buying an additional 2,258 shares during the period. Stablepoint Partners LLC boosted its stake in shares of Medtronic by 13.1% in the second quarter. Stablepoint Partners LLC now owns 64,658 shares of the medical technology company’s stock worth $5,173,000 after buying an additional 7,506 shares during the last quarter. Finally, FineMark National Bank & Trust grew its holdings in Medtronic by 2.2% during the second quarter. FineMark National Bank & Trust now owns 86,294 shares of the medical technology company’s stock worth $6,792,000 after acquiring an additional 1,856 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on MDT shares. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Monday, November 18th. 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. Wells Fargo & Company cut their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Truist Financial lowered their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Finally, Barclays lifted their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Price Performance

NYSE MDT traded up $0.16 during mid-day trading on Friday, hitting $80.38. The stock had a trading volume of 1,150,314 shares, compared to its average volume of 3,236,978. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The firm’s 50 day moving average is $85.08 and its 200 day moving average is $84.85. The stock has a market capitalization of $103.07 billion, a price-to-earnings ratio of 24.58, a PEG ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the firm posted $1.25 earnings per share. Equities research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be given a $0.70 dividend. The ex-dividend date is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.48%. 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.