Tectonic Advisors LLC Boosts Holdings in Medtronic plc (NYSE:MDT)

Tectonic Advisors LLC grew its position in Medtronic plc (NYSE:MDT) by 42.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,526 shares of the medical technology company’s stock after buying an additional 5,229 shares during the period. Tectonic Advisors LLC’s holdings in Medtronic were worth $1,444,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Bar Harbor Wealth Management lifted its holdings in shares of Medtronic by 7.9% in the 4th quarter. Bar Harbor Wealth Management now owns 114,774 shares of the medical technology company’s stock worth $9,455,000 after acquiring an additional 8,365 shares during the last quarter. Harrington Investments INC lifted its holdings in shares of Medtronic by 1.0% in the 4th quarter. Harrington Investments INC now owns 16,228 shares of the medical technology company’s stock worth $1,337,000 after acquiring an additional 155 shares during the last quarter. New Millennium Group LLC lifted its holdings in shares of Medtronic by 123,931.8% in the 4th quarter. New Millennium Group LLC now owns 27,287 shares of the medical technology company’s stock worth $2,248,000 after acquiring an additional 27,265 shares during the last quarter. Powers Advisory Group LLC acquired a new position in shares of Medtronic in the 4th quarter worth approximately $231,000. Finally, Red Door Wealth Management LLC lifted its holdings in shares of Medtronic by 10.1% in the 4th quarter. Red Door Wealth Management LLC now owns 3,901 shares of the medical technology company’s stock worth $321,000 after acquiring an additional 359 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.6 %

Shares of NYSE:MDT opened at $84.21 on Wednesday. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02. The company’s 50 day moving average is $85.27 and its two-hundred day moving average is $80.66. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The company has a market cap of $111.82 billion, a PE ratio of 26.66, a P/E/G ratio of 2.85 and a beta of 0.76.

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

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend is Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is 87.90%.

Analyst Ratings Changes

Several equities analysts have recently commented on MDT shares. 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 target price on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday, February 21st. Finally, Oppenheimer increased 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. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $94.91.

Insider Activity at Medtronic

In related news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction 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 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 legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.30% 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.