Modern Wealth Management LLC Boosts Position in Medtronic plc (NYSE:MDT)

Modern Wealth Management LLC lifted its position in Medtronic plc (NYSE:MDT) by 8.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 14,837 shares of the medical technology company’s stock after purchasing an additional 1,212 shares during the period. Modern Wealth Management LLC’s holdings in Medtronic were worth $1,185,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. CoreFirst Bank & Trust purchased a new position in shares of Medtronic during the 4th quarter valued at $117,000. Prudential Financial Inc. boosted its stake in Medtronic by 97.3% during the fourth quarter. Prudential Financial Inc. now owns 680,217 shares of the medical technology company’s stock valued at $54,336,000 after buying an additional 335,430 shares during the period. Twin City Private Wealth LLC grew its position in Medtronic by 8.7% during the fourth quarter. Twin City Private Wealth LLC now owns 28,360 shares of the medical technology company’s stock worth $2,285,000 after buying an additional 2,281 shares in the last quarter. Crowley Wealth Management Inc. bought a new position in Medtronic in the 4th quarter worth about $680,000. Finally, Vanguard Group Inc. raised its holdings in shares of Medtronic by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock valued at $9,921,367,000 after acquiring an additional 754,395 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Down 0.5 %

MDT opened at $88.17 on Thursday. The company has a market cap of $113.08 billion, a P/E ratio of 26.80, a P/E/G 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 $96.25. The business’s 50-day moving average price is $90.96 and its 200-day moving average price is $88.04. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. On average, equities analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Robert W. Baird boosted their price objective on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and increased their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. UBS Group lifted their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Truist Financial lowered their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus price target of $96.07.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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.