Medtronic plc (NYSE:MDT) Shares Sold by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC lessened its position in Medtronic plc (NYSE:MDT) by 0.9% in the 4th quarter, Holdings Channel reports. The fund owned 26,931 shares of the medical technology company’s stock after selling 235 shares during the period. Miracle Mile Advisors LLC’s holdings in Medtronic were worth $2,151,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Fortitude Family Office LLC purchased a new stake in Medtronic in the 3rd quarter valued at approximately $27,000. Darwin Wealth Management LLC purchased a new stake in shares of Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic during the third quarter worth $27,000. J. Stern & Co. LLP purchased a new position in Medtronic in the third quarter worth $30,000. Finally, Chelsea Counsel Co. acquired a new stake in Medtronic in the third quarter valued at $45,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on MDT shares. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Evercore ISI lifted their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Sanford C. Bernstein lifted their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Finally, Wells Fargo & Company lowered their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Trading Up 1.3 %

Shares of MDT opened at $81.68 on Tuesday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The company has a market capitalization of $104.74 billion, a PE ratio of 24.98, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. The stock has a fifty day moving average of $83.83 and a two-hundred day moving average of $84.96. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

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

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.43%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is 85.63%.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the sale, the executive vice president now directly owns 40,708 shares in the company, valued at $3,273,330.28. This represents a 19.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.20% of the stock is currently owned by insiders.

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.