Corient Private Wealth LLC Sells 32,853 Shares of Medtronic plc (NYSE:MDT)

Corient Private Wealth LLC lowered its stake in Medtronic plc (NYSE:MDT) by 5.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 619,139 shares of the medical technology company’s stock after selling 32,853 shares during the period. Corient Private Wealth LLC’s holdings in Medtronic were worth $49,457,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MDT. Mainstream Capital Management LLC bought a new stake in shares of Medtronic during the 4th quarter valued at about $26,000. Darwin Wealth Management LLC purchased a new stake in Medtronic in the third quarter worth about $27,000. Stephens Consulting LLC boosted its position in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 204 shares in the last quarter. Rakuten Securities Inc. grew its holdings in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 294 shares during the period. Finally, J. Stern & Co. LLP bought a new position in shares of Medtronic in the 3rd quarter worth approximately $30,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Robert W. Baird lifted their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Barclays upped their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Finally, Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $96.07.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.20% of the company’s stock.

Medtronic Trading Up 0.2 %

Shares of NYSE:MDT opened at $93.30 on Tuesday. 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 plc has a 1 year low of $75.96 and a 1 year high of $96.25. The company has a market cap of $119.66 billion, a P/E ratio of 28.36, a PEG ratio of 2.22 and a beta of 0.80. The stock’s fifty day moving average price is $89.88 and its 200-day moving average price is $87.99.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Sell-side analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.00%. Medtronic’s dividend payout ratio is presently 85.11%.

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.