Beech Hill Advisors Inc. Acquires 2,519 Shares of Medtronic plc (NYSE:MDT)

Beech Hill Advisors Inc. lifted its holdings in Medtronic plc (NYSE:MDT) by 5.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 48,306 shares of the medical technology company’s stock after acquiring an additional 2,519 shares during the quarter. Medtronic accounts for about 1.4% of Beech Hill Advisors Inc.’s holdings, making the stock its 26th biggest holding. Beech Hill Advisors Inc.’s holdings in Medtronic were worth $3,859,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Clear Harbor Asset Management LLC raised its stake in shares of Medtronic by 1.2% in the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after buying an additional 111 shares during the period. Guardian Wealth Management Inc. increased its holdings in Medtronic by 0.9% in the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after acquiring an additional 115 shares in the last quarter. First PREMIER Bank raised its stake in Medtronic by 1.8% during the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after acquiring an additional 116 shares during the period. First City Capital Management Inc. lifted its holdings in Medtronic by 2.9% during the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after purchasing an additional 116 shares in the last quarter. Finally, Hardy Reed LLC boosted its position in shares of Medtronic by 4.4% in the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock worth $247,000 after purchasing an additional 116 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Medtronic stock traded up $0.08 during mid-day trading on Thursday, reaching $85.48. 272,158 shares of the company’s stock traded hands, compared to its average volume of 7,678,361. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The company has a market cap of $109.61 billion, a price-to-earnings ratio of 26.14, a PEG ratio of 2.28 and a beta of 0.83. The stock has a 50 day moving average of $83.74 and a two-hundred day moving average of $85.01. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last announced its quarterly earnings results 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. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.25 EPS. Equities analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Analysts Set New Price Targets

Several brokerages have recently commented on MDT. 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. 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. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Wells Fargo & Company decreased their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Finally, Barclays upped their price target on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $95.00.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. 0.20% of the stock is currently owned by insiders.

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.