Fairway Wealth LLC Takes Position in Medtronic plc (NYSE:MDT)

Fairway Wealth LLC bought a new stake in Medtronic plc (NYSE:MDT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 908 shares of the medical technology company’s stock, valued at approximately $73,000.

Other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp grew its position in Medtronic by 0.9% during the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after acquiring an additional 520,027 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Medtronic in the fourth quarter valued at $852,732,000. Pzena Investment Management LLC raised its holdings in Medtronic by 3.3% in the 3rd quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock valued at $772,727,000 after acquiring an additional 275,870 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Medtronic by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,002,051 shares of the medical technology company’s stock worth $639,204,000 after purchasing an additional 134,647 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Medtronic by 436.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after buying an additional 5,975,110 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MDT. Truist Financial lowered their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. UBS Group lifted their price target on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Barclays upped their price objective on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Wells Fargo & Company reduced their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $96.07.

Medtronic Stock Performance

Shares of NYSE MDT opened at $93.75 on Tuesday. The company has a market cap of $120.24 billion, a PE ratio of 28.50, a P/E/G ratio of 2.22 and a beta of 0.80. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The stock has a 50 day simple moving average of $88.62 and a 200-day simple moving average of $87.84. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. On average, equities research analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 2.99%. Medtronic’s dividend payout ratio is currently 85.11%.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

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.