Harrell Investment Partners LLC Lowers Position in Medtronic plc (NYSE:MDT)

Harrell Investment Partners LLC reduced its stake in Medtronic plc (NYSE:MDT) by 1.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 45,286 shares of the medical technology company’s stock after selling 545 shares during the quarter. Harrell Investment Partners LLC’s holdings in Medtronic were worth $3,617,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. KFG Wealth Management LLC increased its position in shares of Medtronic by 5.5% during the 4th quarter. KFG Wealth Management LLC now owns 2,725 shares of the medical technology company’s stock valued at $218,000 after purchasing an additional 141 shares during the last quarter. Affiance Financial LLC increased its position in shares of Medtronic by 22.1% during the 4th quarter. Affiance Financial LLC now owns 3,873 shares of the medical technology company’s stock valued at $309,000 after purchasing an additional 700 shares during the last quarter. Olstein Capital Management L.P. increased its position in shares of Medtronic by 8.0% during the 4th quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company’s stock valued at $7,509,000 after purchasing an additional 7,000 shares during the last quarter. Flagship Harbor Advisors LLC increased its position in shares of Medtronic by 33.2% during the 4th quarter. Flagship Harbor Advisors LLC now owns 10,594 shares of the medical technology company’s stock valued at $846,000 after purchasing an additional 2,638 shares during the last quarter. Finally, Insight Inv LLC increased its position in shares of Medtronic by 4.9% during the 4th quarter. Insight Inv LLC now owns 14,906 shares of the medical technology company’s stock valued at $1,191,000 after purchasing an additional 698 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

NYSE:MDT opened at $90.07 on Friday. The stock has a market cap of $115.49 billion, a P/E ratio of 27.54, a PEG ratio of 2.49 and a beta of 0.83. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68. The business’s 50-day moving average price is $83.75 and its two-hundred day moving average price is $85.50. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same period last year, the company earned $1.25 EPS. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s dividend payout ratio is presently 85.63%.

Insider Activity at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction on Wednesday, January 8th. The stock was 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 of the company’s stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company decreased their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Barclays increased their price target on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Robert W. Baird cut their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average price target of $95.00.

About Medtronic

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.