Medtronic plc (NYSE:MDT) Shares Sold by Portside Wealth Group LLC

Portside Wealth Group LLC lowered its holdings in shares of Medtronic plc (NYSE:MDT) by 1.0% in the fourth quarter, Holdings Channel reports. The firm owned 58,103 shares of the medical technology company’s stock after selling 602 shares during the quarter. Medtronic accounts for 0.8% of Portside Wealth Group LLC’s investment portfolio, making the stock its 28th biggest holding. Portside Wealth Group LLC’s holdings in Medtronic were worth $4,641,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of MDT. Nexus Investment Management ULC boosted its stake in shares of Medtronic by 3.6% during the fourth quarter. Nexus Investment Management ULC now owns 225,279 shares of the medical technology company’s stock worth $17,995,000 after buying an additional 7,855 shares during the period. Smith Salley Wealth Management raised its position in Medtronic by 2.0% during the 4th quarter. Smith Salley Wealth Management now owns 176,688 shares of the medical technology company’s stock worth $14,114,000 after buying an additional 3,520 shares during the last quarter. Financial Management Professionals Inc. lifted its stake in shares of Medtronic by 30.0% in the 4th quarter. Financial Management Professionals Inc. now owns 6,262 shares of the medical technology company’s stock worth $500,000 after acquiring an additional 1,446 shares during the period. Ameritas Advisory Services LLC boosted its holdings in shares of Medtronic by 63.4% in the fourth quarter. Ameritas Advisory Services LLC now owns 28,273 shares of the medical technology company’s stock valued at $2,258,000 after acquiring an additional 10,975 shares in the last quarter. Finally, HB Wealth Management LLC increased its stake in shares of Medtronic by 5.3% during the fourth quarter. HB Wealth Management LLC now owns 79,813 shares of the medical technology company’s stock worth $6,375,000 after acquiring an additional 4,051 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of NYSE:MDT opened at $88.23 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The business’s fifty day moving average price is $83.64 and its two-hundred day moving average price is $85.10. The stock has a market cap of $113.13 billion, a PE ratio of 26.98, a price-to-earnings-growth ratio of 2.28 and a beta of 0.83. Medtronic plc has a one year low of $75.96 and a one year high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same quarter last year, the company earned $1.25 earnings per share. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, analysts forecast 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. Stockholders of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction on 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Sanford C. Bernstein raised their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. JPMorgan Chase & Co. reduced their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Truist Financial decreased their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Citigroup increased their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Finally, Barclays boosted their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic has an average rating of “Hold” and a consensus target price 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.