Miramar Capital LLC Lowers Holdings in Medtronic plc (NYSE:MDT)

Miramar Capital LLC decreased its holdings in Medtronic plc (NYSE:MDT) by 0.4% in the 4th quarter, HoldingsChannel reports. The firm owned 151,517 shares of the medical technology company’s stock after selling 650 shares during the quarter. Medtronic makes up 2.9% of Miramar Capital LLC’s holdings, making the stock its 16th biggest holding. Miramar Capital LLC’s holdings in Medtronic were worth $12,103,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in MDT. Philip James Wealth Mangement LLC raised its holdings in Medtronic by 10.6% in the third quarter. Philip James Wealth Mangement LLC now owns 2,900 shares of the medical technology company’s stock valued at $261,000 after acquiring an additional 279 shares in the last quarter. Hollencrest Capital Management raised its holdings in Medtronic by 43.9% in the third quarter. Hollencrest Capital Management now owns 737 shares of the medical technology company’s stock valued at $66,000 after acquiring an additional 225 shares in the last quarter. Equitable Trust Co. raised its holdings in Medtronic by 23.0% in the third quarter. Equitable Trust Co. now owns 20,677 shares of the medical technology company’s stock valued at $1,862,000 after acquiring an additional 3,869 shares in the last quarter. CWA Asset Management Group LLC acquired a new stake in Medtronic in the third quarter valued at approximately $418,000. Finally, Beta Wealth Group Inc. raised its holdings in Medtronic by 4.6% in the third quarter. Beta Wealth Group Inc. now owns 6,918 shares of the medical technology company’s stock valued at $623,000 after acquiring an additional 306 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Robert W. Baird raised their target price on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Royal Bank of Canada reissued an “outperform” rating and set a $105.00 price objective on shares of Medtronic in a report on Wednesday, February 19th. Wells Fargo & Company cut their price objective 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, Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average price target of $96.07.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.20% of the stock is currently owned by insiders.

Medtronic Stock Performance

Shares of Medtronic stock opened at $94.58 on Friday. The firm’s fifty day simple moving average is $88.33 and its 200-day simple moving average is $87.80. The stock has a market capitalization of $121.30 billion, a price-to-earnings ratio of 28.75, a PEG ratio of 2.22 and a beta of 0.80. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $95.57. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. The business 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%. As a group, equities analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a $0.70 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 2.96%. Medtronic’s dividend payout ratio (DPR) is 85.11%.

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.