Altfest L J & Co. Inc. Has $766,000 Position in Medtronic plc (NYSE:MDT)

Altfest L J & Co. Inc. trimmed its stake in shares of Medtronic plc (NYSE:MDT) by 43.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,301 shares of the medical technology company’s stock after selling 7,067 shares during the period. Altfest L J & Co. Inc.’s holdings in Medtronic were worth $766,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. Moneta Group Investment Advisors LLC increased its holdings in shares of Medtronic by 127,655.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock worth $1,100,544,000 after acquiring an additional 14,149,287 shares during the last quarter. Norges Bank bought a new stake in shares of Medtronic during the 4th quarter worth about $1,062,316,000. Bank of New York Mellon Corp raised its position in shares of Medtronic by 33.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock valued at $1,564,508,000 after buying an additional 4,816,172 shares in the last quarter. Pzena Investment Management LLC increased its stake in Medtronic by 112.8% in the third quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock valued at $449,048,000 after acquiring an additional 3,037,394 shares during the last quarter. Finally, Morgan Stanley boosted its holdings in shares of Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after purchasing an additional 1,994,123 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Truist Financial upped their price objective on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Mizuho raised their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, February 21st. Finally, Oppenheimer raised their target price on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of “Moderate Buy” and an average price target of $94.91.

Insider Transactions at Medtronic

In other news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Medtronic Trading Up 0.4 %

NYSE MDT traded up $0.34 on Thursday, reaching $87.26. The company had a trading volume of 2,448,718 shares, compared to its average volume of 6,236,794. The firm has a market cap of $115.87 billion, a price-to-earnings ratio of 27.76, a P/E/G ratio of 2.86 and a beta of 0.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.02. The business has a 50 day moving average of $85.21 and a two-hundred day moving average of $80.68.

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

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 22nd will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend is Thursday, March 21st. Medtronic’s dividend payout ratio is currently 87.90%.

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.