Medtronic plc (NYSE:MDT) Stock Position Reduced by Financial Partners Group LLC

Financial Partners Group LLC decreased its position in Medtronic plc (NYSE:MDT) by 0.5% in the 4th quarter, Holdings Channel.com reports. The fund owned 44,297 shares of the medical technology company’s stock after selling 230 shares during the period. Medtronic makes up 1.5% of Financial Partners Group LLC’s investment portfolio, making the stock its 20th largest position. Financial Partners Group LLC’s holdings in Medtronic were worth $3,538,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. Fortitude Family Office LLC acquired a new stake in Medtronic in the third quarter worth $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic during the third quarter worth about $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic in the 3rd quarter worth about $27,000. J. Stern & Co. LLP bought a new stake in Medtronic in the 3rd quarter valued at about $30,000. Finally, Kieckhefer Group LLC acquired a new position in Medtronic during the 4th quarter valued at about $40,000. 82.06% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction that occurred 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 directly owns 40,708 shares in the company, 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 SEC, which is available at this link. Company insiders own 0.20% of the company’s stock.

Medtronic Price Performance

Medtronic stock opened at $89.30 on Friday. The business’s 50-day simple moving average is $83.64 and its 200 day simple moving average is $85.39. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The stock has a market cap of $114.51 billion, a price-to-earnings ratio of 27.31, a P/E/G ratio of 2.49 and a beta of 0.83. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68.

Medtronic (NYSE:MDT) last issued 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 net margin of 13.00% and a return on equity of 13.79%. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the previous year, the company posted $1.25 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, research analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.14%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Wall Street Analyst Weigh In

MDT has been the subject of a number of recent analyst reports. Evercore ISI increased their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. decreased their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Robert W. Baird cut their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. Wells Fargo & Company decreased their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Finally, Truist Financial dropped their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus target price of $95.00.

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.