Anchor Capital Advisors LLC Sells 30,858 Shares of Medtronic plc (NYSE:MDT)

Anchor Capital Advisors LLC cut its holdings in Medtronic plc (NYSE:MDT) by 70.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,740 shares of the medical technology company’s stock after selling 30,858 shares during the period. Anchor Capital Advisors LLC’s holdings in Medtronic were worth $1,050,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Hartford Financial Management Inc. raised its stake in shares of Medtronic by 425.0% during the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after acquiring an additional 255 shares during the last quarter. Fortitude Family Office LLC bought a new position in Medtronic in the fourth quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. raised its stake in Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after buying an additional 236,064 shares in the last quarter. Financial Gravity Asset Management Inc. grew its holdings in Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 279 shares during the period. Finally, Princeton Global Asset Management LLC purchased a new stake in Medtronic in the third quarter worth about $31,000. 82.06% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

Medtronic Stock Performance

MDT opened at $80.25 on Wednesday. The stock has a market capitalization of $106.56 billion, a price-to-earnings ratio of 25.56, a PEG ratio of 2.77 and a beta of 0.76. The company has a fifty day moving average of $83.35 and a 200 day moving average of $81.38. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The company had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $7.95 billion. During the same period last year, the company posted $1.30 earnings per share. Medtronic’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, sell-side analysts forecast that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were paid a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.44%. Medtronic’s payout ratio is currently 87.90%.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of recent research reports. Mizuho upped their price objective on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Truist Financial increased their price target on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Oppenheimer raised their target price on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and an average target price of $94.91.

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.