Peterson Wealth Services Makes New $1.23 Million Investment in Medtronic plc (NYSE:MDT)

Peterson Wealth Services acquired a new position in Medtronic plc (NYSE:MDT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 14,898 shares of the medical technology company’s stock, valued at approximately $1,227,000.

Other institutional investors have also added to or reduced their stakes in the company. Hartford Financial Management Inc. grew its position in shares of Medtronic by 425.0% during the 3rd quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after acquiring an additional 255 shares during the period. Fortitude Family Office LLC bought a new position in shares of Medtronic during the 4th quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. grew its position in shares of Medtronic by 293.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after acquiring an additional 236,064 shares during the period. Financial Gravity Asset Management Inc. grew its position in shares of Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after acquiring an additional 279 shares during the period. Finally, Princeton Global Asset Management LLC bought a new position in shares of Medtronic during the 3rd quarter valued at approximately $31,000. 82.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MDT. Truist Financial increased their target price on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research note on Wednesday, February 21st. Mizuho upped 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. Finally, Oppenheimer upped their price target on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $94.91.

Insider Transactions at Medtronic

In other 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 owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other 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 owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Marinaro sold 854 shares of the stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Medtronic Price Performance

NYSE MDT traded down $0.08 on Thursday, hitting $79.00. The stock had a trading volume of 1,311,171 shares, compared to its average volume of 6,249,506. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. The company has a market capitalization of $104.90 billion, a price-to-earnings ratio of 25.18, a price-to-earnings-growth ratio of 2.71 and a beta of 0.76. The firm has a 50-day moving average of $84.18 and a 200-day moving average of $81.01.

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

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s payout ratio is 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.