Medtronic plc (NYSE:MDT) Shares Sold by SouthState Corp

SouthState Corp lowered its stake in shares of Medtronic plc (NYSE:MDT) by 46.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 883 shares of the medical technology company’s stock after selling 780 shares during the quarter. SouthState Corp’s holdings in Medtronic were worth $73,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Fortitude Family Office LLC bought a new stake in Medtronic during the fourth quarter valued at $25,000. Financial Gravity Asset Management Inc. grew its position in shares of Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after buying an additional 279 shares during the last quarter. Princeton Global Asset Management LLC acquired a new stake in Medtronic during the third quarter worth about $31,000. Hartford Financial Management Inc. lifted its holdings in Medtronic by 52.1% in the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock worth $39,000 after acquiring an additional 164 shares during the last quarter. Finally, Rakuten Securities Inc. acquired a new position in Medtronic in the fourth quarter valued at approximately $49,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 1.0 %

NYSE:MDT traded up $0.77 during trading hours on Friday, hitting $81.69. 4,987,236 shares of the stock traded hands, compared to its average volume of 6,078,836. The firm has a 50 day moving average price of $83.16 and a 200 day moving average price of $81.37. The firm has a market cap of $108.47 billion, a price-to-earnings ratio of 26.01, a PEG ratio of 2.64 and a beta of 0.78. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46.

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

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were issued a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.38%. Medtronic’s dividend payout ratio is currently 87.90%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Oppenheimer raised their price target on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Truist Financial boosted 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. Mizuho increased 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. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $94.91.

Insider Activity at Medtronic

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, 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 sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction that occurred on 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 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 disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

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.