Essex Financial Services Inc. Cuts Position in Medtronic plc (NYSE:MDT)

Essex Financial Services Inc. reduced its holdings in shares of Medtronic plc (NYSE:MDT) by 2.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,325 shares of the medical technology company’s stock after selling 312 shares during the quarter. Essex Financial Services Inc.’s holdings in Medtronic were worth $985,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in MDT. Fortitude Family Office LLC purchased a new stake in Medtronic during the 3rd quarter worth $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic in the third quarter worth about $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic in the third quarter valued at about $27,000. Stephens Consulting LLC raised its holdings in shares of Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after buying an additional 204 shares during the period. Finally, J. Stern & Co. LLP acquired a new position in Medtronic during the 3rd quarter worth approximately $30,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 0.4 %

MDT stock opened at $91.18 on Wednesday. The firm has a market cap of $116.92 billion, a price-to-earnings ratio of 27.88, a PEG ratio of 2.57 and a beta of 0.84. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08. The firm has a fifty day moving average price of $84.93 and a two-hundred day moving average price of $86.56. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the prior year, the firm earned $1.25 EPS. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. Research analysts predict that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.07%. Medtronic’s payout ratio is currently 85.63%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Barclays lifted their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Robert W. Baird decreased their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Wells Fargo & Company lowered their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $95.00.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares in the company, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by corporate insiders.

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.