Capital Investment Advisory Services LLC Lowers Position in Medtronic plc (NYSE:MDT)

Capital Investment Advisory Services LLC trimmed its holdings in shares of Medtronic plc (NYSE:MDTFree Report) by 3.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 12,210 shares of the medical technology company’s stock after selling 487 shares during the period. Capital Investment Advisory Services LLC’s holdings in Medtronic were worth $975,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Copley Financial Group Inc. purchased a new stake in shares of Medtronic during the third quarter valued at approximately $694,000. Olstein Capital Management L.P. increased its position in shares of Medtronic by 19.2% during the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after acquiring an additional 14,000 shares during the last quarter. Franklin Street Advisors Inc. NC increased its position in shares of Medtronic by 32.6% during the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock valued at $5,873,000 after acquiring an additional 18,057 shares during the last quarter. Y Intercept Hong Kong Ltd increased its position in shares of Medtronic by 322.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock valued at $6,626,000 after acquiring an additional 56,178 shares during the last quarter. Finally, Czech National Bank increased its position in shares of Medtronic by 6.4% during the fourth quarter. Czech National Bank now owns 278,065 shares of the medical technology company’s stock valued at $22,212,000 after acquiring an additional 16,786 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the sale, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.20% of the company’s stock.

Medtronic Price Performance

NYSE:MDT opened at $92.01 on Friday. The firm has a market capitalization of $117.98 billion, a price-to-earnings ratio of 28.14, a P/E/G ratio of 2.59 and a beta of 0.83. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $93.08. The stock has a fifty day moving average of $84.14 and a 200 day moving average of $85.87. 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:MDTGet Free Report) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion during 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 firm’s quarterly revenue was up 5.2% on a year-over-year basis. On average, research analysts expect that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.04%. Medtronic’s payout ratio is 85.63%.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Truist Financial reduced 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. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $98.00 to $105.00 in a report on Thursday, October 10th. JPMorgan Chase & Co. reduced their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $95.00.

View Our Latest Analysis on Medtronic

Medtronic Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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