PrairieView Partners LLC Reduces Position in Medtronic plc (NYSE:MDT)

PrairieView Partners LLC lowered its holdings in shares of Medtronic plc (NYSE:MDT) by 9.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,573 shares of the medical technology company’s stock after selling 394 shares during the quarter. PrairieView Partners LLC’s holdings in Medtronic were worth $285,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. CX Institutional grew its holdings in Medtronic by 9.1% during the third quarter. CX Institutional now owns 7,290 shares of the medical technology company’s stock valued at $656,000 after purchasing an additional 608 shares during the period. Lynch & Associates IN boosted its stake in shares of Medtronic by 15.8% in the third quarter. Lynch & Associates IN now owns 7,324 shares of the medical technology company’s stock worth $659,000 after acquiring an additional 1,000 shares during the period. Roberts Wealth Advisors LLC lifted its position in shares of Medtronic by 1.7% in the third quarter. Roberts Wealth Advisors LLC now owns 50,015 shares of the medical technology company’s stock worth $4,408,000 after buying an additional 850 shares in the last quarter. Nexus Investment Management ULC lifted its position in shares of Medtronic by 0.5% in the third quarter. Nexus Investment Management ULC now owns 217,424 shares of the medical technology company’s stock worth $19,575,000 after buying an additional 1,050 shares in the last quarter. Finally, Sumitomo Life Insurance Co. lifted its position in shares of Medtronic by 2.5% in the third quarter. Sumitomo Life Insurance Co. now owns 18,808 shares of the medical technology company’s stock worth $1,693,000 after buying an additional 458 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.2 %

Shares of NYSE MDT opened at $91.35 on Thursday. The stock has a market cap of $117.14 billion, a P/E ratio of 27.94, a PEG ratio of 2.57 and a beta of 0.84. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $93.08. The business’s fifty day simple moving average is $85.04 and its 200-day simple moving average is $86.65.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate 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%. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.25 earnings per share. As a group, equities analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given 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 yield of 3.07%. Medtronic’s payout ratio is currently 85.63%.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the sale, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MDT shares. Truist Financial reduced their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Barclays raised their price objective on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Wednesday. Wells Fargo & Company reduced their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. reduced their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. 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 MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $95.00.

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.