Phoenix Wealth Advisors Sells 2,176 Shares of Medtronic plc (NYSE:MDT)

Phoenix Wealth Advisors reduced its stake in shares of Medtronic plc (NYSE:MDT) by 7.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,016 shares of the medical technology company’s stock after selling 2,176 shares during the quarter. Medtronic comprises about 1.7% of Phoenix Wealth Advisors’ portfolio, making the stock its 24th biggest position. Phoenix Wealth Advisors’ holdings in Medtronic were worth $2,404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of MDT. Fairfield Bush & CO. acquired a new position in shares of Medtronic during the first quarter valued at $47,000. MAS Advisors LLC raised its holdings in Medtronic by 10.3% during the 1st quarter. MAS Advisors LLC now owns 2,388 shares of the medical technology company’s stock worth $266,000 after purchasing an additional 223 shares during the last quarter. LSV Asset Management lifted its position in Medtronic by 34.5% during the 1st quarter. LSV Asset Management now owns 7,400 shares of the medical technology company’s stock valued at $821,000 after purchasing an additional 1,900 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Medtronic by 22.8% in the 1st quarter. NewEdge Advisors LLC now owns 74,914 shares of the medical technology company’s stock valued at $8,312,000 after purchasing an additional 13,895 shares during the last quarter. Finally, Kinneret Advisory LLC grew its position in shares of Medtronic by 2.3% during the 1st quarter. Kinneret Advisory LLC now owns 15,340 shares of the medical technology company’s stock worth $1,712,000 after buying an additional 343 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Buying and Selling

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Medtronic news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sean Salmon sold 30,695 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

Medtronic Stock Down 1.2 %

Shares of NYSE:MDT traded down $0.98 during trading on Wednesday, hitting $79.25. 7,674,490 shares of the company’s stock traded hands, compared to its average volume of 5,758,655. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02. The company has a 50-day moving average price of $84.35 and a 200-day moving average price of $81.02. The company has a market cap of $105.23 billion, a price-to-earnings ratio of 25.24, a price-to-earnings-growth ratio of 2.74 and a beta of 0.76.

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

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a dividend of $0.69 per share. The ex-dividend date was Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.48%. Medtronic’s dividend payout ratio is currently 87.90%.

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.