Beaumont Asset Management L.L.C. Sells 2,610 Shares of Medtronic plc (NYSE:MDT)

Beaumont Asset Management L.L.C. cut its holdings in Medtronic plc (NYSE:MDT) by 18.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 11,755 shares of the medical technology company’s stock after selling 2,610 shares during the period. Beaumont Asset Management L.L.C.’s holdings in Medtronic were worth $968,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in MDT. Community Bank & Trust Waco Texas increased its position in shares of Medtronic by 26.1% during the fourth quarter. Community Bank & Trust Waco Texas now owns 18,599 shares of the medical technology company’s stock valued at $1,532,000 after buying an additional 3,854 shares during the period. Parkside Financial Bank & Trust increased its position in shares of Medtronic by 5.5% during the fourth quarter. Parkside Financial Bank & Trust now owns 6,277 shares of the medical technology company’s stock valued at $517,000 after buying an additional 328 shares during the period. Illinois Municipal Retirement Fund increased its position in shares of Medtronic by 24.4% during the fourth quarter. Illinois Municipal Retirement Fund now owns 277,768 shares of the medical technology company’s stock valued at $22,883,000 after buying an additional 54,544 shares during the period. Foster & Motley Inc. increased its position in shares of Medtronic by 83.3% during the fourth quarter. Foster & Motley Inc. now owns 15,969 shares of the medical technology company’s stock valued at $1,316,000 after buying an additional 7,259 shares during the period. Finally, RWA Wealth Partners LLC increased its position in shares of Medtronic by 85.0% during the fourth quarter. RWA Wealth Partners LLC now owns 11,261 shares of the medical technology company’s stock valued at $928,000 after buying an additional 5,174 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Up 0.9 %

Shares of NYSE MDT traded up $0.72 during midday trading on Tuesday, hitting $81.29. The stock had a trading volume of 5,236,780 shares, compared to its average volume of 6,268,900. The business’s 50 day moving average is $83.84 and its 200-day moving average is $81.11. The company has a market cap of $107.94 billion, a P/E ratio of 25.75, a PEG ratio of 2.72 and a beta of 0.76. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. The company 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 firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.30 earnings per share. As a group, analysts predict that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.40%. Medtronic’s dividend payout ratio (DPR) is 87.90%.

Analysts Set New Price Targets

MDT has been the topic of a number of recent research reports. Truist Financial upped their price objective on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Oppenheimer upped their price objective 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. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, February 21st. Finally, 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. One investment 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’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $94.91.

Insider Activity at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Sean Salmon sold 30,695 shares of the stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is owned by insiders.

Medtronic Company 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.