Bleakley Financial Group LLC Sells 2,536 Shares of Medtronic plc (NYSE:MDT)

Bleakley Financial Group LLC reduced its position in shares of Medtronic plc (NYSE:MDT) by 4.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 61,086 shares of the medical technology company’s stock after selling 2,536 shares during the period. Bleakley Financial Group LLC’s holdings in Medtronic were worth $4,880,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. 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. raised its stake in Medtronic by 0.9% during 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 during the period. First PREMIER Bank lifted its holdings in Medtronic by 1.8% during the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after purchasing an additional 116 shares in the last quarter. First City Capital Management Inc. increased its stake in shares of Medtronic by 2.9% in the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after purchasing an additional 116 shares in the last quarter. Finally, Hardy Reed LLC raised its position in shares of Medtronic by 4.4% during the 3rd quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock valued at $247,000 after purchasing an additional 116 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Medtronic

In related 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 of the company’s stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.20% of the company’s stock.

Medtronic Price Performance

Shares of MDT stock opened at $91.62 on Thursday. The stock has a 50 day moving average price of $84.58 and a 200 day moving average price of $86.24. The firm has a market capitalization of $117.48 billion, a P/E ratio of 28.02, a P/E/G ratio of 2.57 and a beta of 0.84. 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 plc has a 52-week low of $75.96 and a 52-week high of $93.08.

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

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.06%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. 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. Robert W. Baird dropped their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Sanford C. Bernstein boosted their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. JPMorgan Chase & Co. cut their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Finally, Wells Fargo & Company dropped their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average 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.