NewEdge Wealth LLC Reduces Stock Position in Medtronic plc (NYSE:MDT)

NewEdge Wealth LLC reduced its holdings in shares of Medtronic plc (NYSE:MDT) by 3.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 29,219 shares of the medical technology company’s stock after selling 987 shares during the quarter. NewEdge Wealth LLC’s holdings in Medtronic were worth $2,334,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Darwin Wealth Management LLC purchased a new stake in shares of Medtronic during the 3rd quarter valued at approximately $27,000. Stephens Consulting LLC increased its holdings in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 204 shares during the period. J. Stern & Co. LLP bought a new stake in Medtronic during the 3rd quarter worth approximately $30,000. Fiduciary Advisors Inc. bought a new stake in Medtronic during the 4th quarter worth approximately $36,000. Finally, Kieckhefer Group LLC bought a new stake in Medtronic during the 4th quarter worth approximately $40,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MDT has been the topic of a number of analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Barclays upped their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. UBS Group upped their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Truist Financial decreased their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $95.00.

Insider Buying and Selling

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

Medtronic Price Performance

Shares of NYSE:MDT opened at $92.00 on Friday. The stock has a market cap of $117.97 billion, a PE ratio of 27.96, a PEG ratio of 2.22 and a beta of 0.84. The company’s fifty day moving average is $87.08 and its 200 day moving average is $87.42. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $93.08. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The company had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is presently 85.11%.

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.