Medtronic plc (NYSE:MDT) Stake Lessened by Stack Financial Management Inc

Stack Financial Management Inc cut its stake in Medtronic plc (NYSE:MDT) by 1.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 183,603 shares of the medical technology company’s stock after selling 3,590 shares during the period. Medtronic makes up approximately 1.7% of Stack Financial Management Inc’s investment portfolio, making the stock its 27th biggest position. Stack Financial Management Inc’s holdings in Medtronic were worth $15,125,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Tokio Marine Asset Management Co. Ltd. boosted its holdings in Medtronic by 12.0% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 93,397 shares of the medical technology company’s stock worth $7,694,000 after buying an additional 10,018 shares in the last quarter. Atria Wealth Solutions Inc. lifted its position in shares of Medtronic by 5.7% in the 4th quarter. Atria Wealth Solutions Inc. now owns 87,349 shares of the medical technology company’s stock valued at $7,238,000 after acquiring an additional 4,672 shares in the last quarter. Wynn Capital LLC purchased a new stake in Medtronic in the 4th quarter worth approximately $202,000. Bfsg LLC purchased a new stake in Medtronic in the 4th quarter worth approximately $68,000. Finally, Millington Financial Advisors LLC purchased a new stake in Medtronic in the 4th quarter worth approximately $1,473,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Up 0.3 %

Shares of MDT stock traded up $0.20 during trading on Friday, reaching $79.45. The company’s stock had a trading volume of 1,633,422 shares, compared to its average volume of 6,206,892. The business has a fifty day moving average price of $83.62 and a 200-day moving average price of $81.12. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The company has a market cap of $105.50 billion, a price-to-earnings ratio of 25.24, a price-to-earnings-growth ratio of 2.75 and a beta of 0.76. Medtronic plc has a one year low of $68.84 and a one year high of $92.02.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. The business had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.30 earnings per share. Analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.47%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is currently 87.90%.

Insiders Place Their Bets

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the sale, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Marinaro sold 854 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, February 21st. Oppenheimer raised their price target on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Truist Financial raised their target price on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. Finally, Mizuho raised their target price on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $94.91.

Medtronic Company 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.