Signet Financial Management LLC Cuts Stake in Medtronic plc (NYSE:MDT)

Signet Financial Management LLC lessened its holdings in Medtronic plc (NYSE:MDT) by 11.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 2,917 shares of the medical technology company’s stock after selling 360 shares during the quarter. Signet Financial Management LLC’s holdings in Medtronic were worth $233,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in MDT. Fortitude Family Office LLC purchased a new position in shares of Medtronic in the third quarter worth about $27,000. Darwin Wealth Management LLC bought a new position in Medtronic during the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC bought a new position in Medtronic during the 3rd quarter worth approximately $27,000. J. Stern & Co. LLP bought a new stake in Medtronic in the third quarter valued at approximately $30,000. Finally, Chelsea Counsel Co. purchased a new stake in shares of Medtronic during the third quarter valued at approximately $45,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

Shares of Medtronic stock opened at $81.68 on Tuesday. The business has a fifty day simple moving average of $83.83 and a two-hundred day simple moving average of $84.96. The firm has a market capitalization of $104.74 billion, a P/E ratio of 24.98, a P/E/G ratio of 2.33 and a beta of 0.83. 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 $92.68.

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

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders 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 dividend yield of 3.43%. Medtronic’s dividend payout ratio is currently 85.63%.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Barclays boosted their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Truist Financial dropped their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. One equities 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $95.00.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at $3,273,330.28. The trade was a 19.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.20% of the company’s stock.

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.