Stack Financial Management Inc Sells 3,590 Shares of Medtronic plc (NYSE:MDT)

Stack Financial Management Inc reduced its holdings in shares of Medtronic plc (NYSE:MDT) by 1.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 183,603 shares of the medical technology company’s stock after selling 3,590 shares during the quarter. Medtronic accounts for 1.7% of Stack Financial Management Inc’s portfolio, making the stock its 27th biggest holding. Stack Financial Management Inc’s holdings in Medtronic were worth $15,125,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fortitude Family Office LLC purchased a new stake in Medtronic during the fourth quarter valued at $25,000. Hartford Financial Management Inc. increased its position in Medtronic by 425.0% in the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after buying an additional 255 shares in the last quarter. Financial Gravity Asset Management Inc. increased its position in Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after buying an additional 279 shares in the last quarter. Princeton Global Asset Management LLC purchased a new stake in Medtronic in the third quarter worth about $31,000. Finally, Rakuten Securities Inc. purchased a new stake in Medtronic in the fourth quarter worth about $49,000. 82.06% of the stock is owned by institutional investors.

Insider Buying and Selling at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the business’s 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 sale, the executive vice president now directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, 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 of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Medtronic Stock Up 0.3 %

Shares of Medtronic stock traded up $0.20 during trading on Friday, reaching $79.45. The company’s stock had a trading volume of 1,633,422 shares, compared to its average volume of 6,206,892. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The company has a market cap of $105.50 billion, a price-to-earnings ratio of 25.24, a P/E/G ratio of 2.75 and a beta of 0.76. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.02. The company has a 50-day simple moving average of $83.62 and a two-hundred day simple moving average of $81.12.

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

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were paid a dividend of $0.69 per share. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.47%. Medtronic’s payout ratio is currently 87.90%.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. Truist Financial upped their price objective on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Mizuho increased their price target on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Finally, Oppenheimer raised their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Medtronic has a consensus rating of “Hold” and an average target price of $94.91.

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.