Red Spruce Capital LLC Grows Position in Medtronic plc (NYSE:MDT)

Red Spruce Capital LLC raised its position in Medtronic plc (NYSE:MDT) by 18.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,552 shares of the medical technology company’s stock after buying an additional 3,552 shares during the quarter. Red Spruce Capital LLC’s holdings in Medtronic were worth $1,801,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Edgestream Partners L.P. purchased a new stake in shares of Medtronic in the second quarter valued at about $239,000. AE Wealth Management LLC raised its stake in shares of Medtronic by 24.7% during the 2nd quarter. AE Wealth Management LLC now owns 9,578 shares of the medical technology company’s stock worth $754,000 after buying an additional 1,896 shares in the last quarter. Mount Yale Investment Advisors LLC lifted its holdings in shares of Medtronic by 38.5% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 10,013 shares of the medical technology company’s stock valued at $788,000 after buying an additional 2,786 shares during the period. Public Sector Pension Investment Board boosted its stake in shares of Medtronic by 68.1% in the second quarter. Public Sector Pension Investment Board now owns 51,014 shares of the medical technology company’s stock valued at $4,015,000 after buying an additional 20,660 shares in the last quarter. Finally, Evergreen Capital Management LLC raised its position in Medtronic by 17.9% in the second quarter. Evergreen Capital Management LLC now owns 11,422 shares of the medical technology company’s stock worth $907,000 after acquiring an additional 1,736 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MDT has been the topic of several research analyst reports. Citigroup boosted their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Truist Financial decreased their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Robert W. Baird reduced their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Finally, Sanford C. Bernstein increased their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Performance

NYSE MDT opened at $88.35 on Wednesday. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $113.29 billion, a PE ratio of 27.02, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83. The business’s 50-day moving average price is $83.64 and its 200 day moving average price is $85.29. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings results 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. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Medtronic’s revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.25 earnings per share. On average, research analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares in the company, valued at $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.20% of the company’s stock.

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.