Medtronic plc (NYSE:MDT) Stock Holdings Lessened by Procyon Advisors LLC

Procyon Advisors LLC trimmed its stake in Medtronic plc (NYSE:MDT) by 17.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,178 shares of the medical technology company’s stock after selling 3,058 shares during the quarter. Procyon Advisors LLC’s holdings in Medtronic were worth $1,168,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. State Street Corp lifted its position in shares of Medtronic by 0.3% in the second quarter. State Street Corp now owns 60,146,861 shares of the medical technology company’s stock worth $5,339,879,000 after purchasing an additional 175,765 shares in the last quarter. Morgan Stanley lifted its position in shares of Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after purchasing an additional 1,994,123 shares in the last quarter. Bank of New York Mellon Corp raised its position in Medtronic by 2.6% during the third quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock valued at $1,597,954,000 after acquiring an additional 508,205 shares in the last quarter. Moneta Group Investment Advisors LLC raised its position in Medtronic by 127,655.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock valued at $1,100,544,000 after acquiring an additional 14,149,287 shares in the last quarter. Finally, Norges Bank bought a new position in Medtronic during the fourth quarter valued at approximately $1,062,316,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MDT shares. Mizuho raised their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Oppenheimer lifted their price target on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Truist Financial lifted their price target 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. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $94.91.

Medtronic Stock Performance

MDT stock traded up $0.58 during trading hours on Thursday, hitting $87.50. 759,926 shares of the stock were exchanged, compared to its average volume of 6,208,196. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $116.18 billion, a P/E ratio of 27.68, a P/E/G ratio of 2.86 and a beta of 0.76. The company has a 50-day simple moving average of $85.21 and a two-hundred day simple moving average of $80.68. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.02.

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 the consensus estimate of $1.26 by $0.04. The firm had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.30 EPS. On average, analysts forecast that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.15%. The ex-dividend date is Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Insider Activity at Medtronic

In related news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the sale, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.30% of the stock is currently owned by insiders.

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.