Bank Pictet & Cie Europe AG Sells 24,975 Shares of Medtronic plc (NYSE:MDT)

Bank Pictet & Cie Europe AG trimmed its position in shares of Medtronic plc (NYSE:MDT) by 67.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,978 shares of the medical technology company’s stock after selling 24,975 shares during the period. Bank Pictet & Cie Europe AG’s holdings in Medtronic were worth $957,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MDT. Valeo Financial Advisors LLC increased its position in shares of Medtronic by 3.1% during the fourth quarter. Valeo Financial Advisors LLC now owns 18,342 shares of the medical technology company’s stock valued at $1,465,000 after purchasing an additional 544 shares during the period. Asset Planning Inc bought a new stake in Medtronic in the 4th quarter valued at $70,000. Banque Pictet & Cie SA raised its stake in shares of Medtronic by 193.5% in the 4th quarter. Banque Pictet & Cie SA now owns 78,454 shares of the medical technology company’s stock valued at $6,267,000 after buying an additional 51,727 shares in the last quarter. W.H. Cornerstone Investments Inc. lifted its holdings in shares of Medtronic by 103.2% during the 4th quarter. W.H. Cornerstone Investments Inc. now owns 7,146 shares of the medical technology company’s stock worth $571,000 after acquiring an additional 3,629 shares during the period. Finally, DT Investment Partners LLC boosted its position in shares of Medtronic by 2.9% during the 4th quarter. DT Investment Partners LLC now owns 13,502 shares of the medical technology company’s stock valued at $1,079,000 after acquiring an additional 375 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the subject of several recent research reports. Truist Financial dropped their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Sanford C. Bernstein raised their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Barclays upped their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Wednesday. Finally, Robert W. Baird lowered their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” 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 issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Price Performance

MDT opened at $93.02 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The company’s 50 day simple moving average is $85.33 and its 200-day simple moving average is $86.72. Medtronic plc has a one year low of $75.96 and a one year high of $93.08. The stock has a market capitalization of $119.28 billion, a P/E ratio of 28.45, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84.

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. 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 analysts’ expectations of $8.27 billion. During the same period last year, the firm earned $1.25 EPS. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. Sell-side analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced 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 3.01%. Medtronic’s payout ratio is presently 85.63%.

Insider Activity

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

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.