Nemes Rush Group LLC Trims Stake in Medtronic plc (NYSE:MDT)

Nemes Rush Group LLC cut its holdings in Medtronic plc (NYSE:MDT) by 41.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,188 shares of the medical technology company’s stock after selling 5,190 shares during the period. Nemes Rush Group LLC’s holdings in Medtronic were worth $574,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. HighPoint Advisor Group LLC raised its stake in shares of Medtronic by 3.9% in the fourth quarter. HighPoint Advisor Group LLC now owns 25,984 shares of the medical technology company’s stock worth $2,076,000 after buying an additional 983 shares during the period. Meridian Investment Counsel Inc. increased its holdings in Medtronic by 97.3% in the 4th quarter. Meridian Investment Counsel Inc. now owns 24,934 shares of the medical technology company’s stock worth $1,992,000 after acquiring an additional 12,297 shares in the last quarter. Seven Mile Advisory lifted its holdings in Medtronic by 14.7% during the fourth quarter. Seven Mile Advisory now owns 2,591 shares of the medical technology company’s stock valued at $207,000 after purchasing an additional 333 shares in the last quarter. Colrain Capital LLC bought a new position in shares of Medtronic in the fourth quarter worth approximately $3,067,000. Finally, Summit Financial LLC boosted its position in shares of Medtronic by 55.4% in the fourth quarter. Summit Financial LLC now owns 20,330 shares of the medical technology company’s stock worth $1,638,000 after purchasing an additional 7,249 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock opened at $88.48 on Wednesday. The firm has a market cap of $113.48 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 2.22 and a beta of 0.80. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average is $91.02 and its 200 day moving average is $87.98.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (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 the consensus estimate of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal 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 paid a dividend of $0.70 per share. The ex-dividend date is Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.16%. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction 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 completion of the sale, the executive vice president now 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 document filed with the SEC, which is accessible through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on MDT. Truist Financial decreased 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. Robert W. Baird lifted their target price on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Finally, UBS Group boosted their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $96.07.

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.