SeaCrest Wealth Management LLC Trims Holdings in Medtronic plc (NYSE:MDT)

SeaCrest Wealth Management LLC trimmed its position in Medtronic plc (NYSE:MDT) by 24.8% in the 4th quarter, HoldingsChannel reports. The fund owned 8,331 shares of the medical technology company’s stock after selling 2,754 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Medtronic were worth $705,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp increased its holdings in Medtronic by 0.3% in the 2nd quarter. State Street Corp now owns 60,146,861 shares of the medical technology company’s stock worth $5,339,879,000 after acquiring an additional 175,765 shares in the last quarter. Morgan Stanley grew its holdings in Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after buying an additional 1,994,123 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Medtronic by 2.6% during the 3rd 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 buying an additional 508,205 shares in the last quarter. Moneta Group Investment Advisors LLC grew its holdings in Medtronic by 127,655.1% during the 4th 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 buying an additional 14,149,287 shares in the last quarter. Finally, Norges Bank purchased a new stake in Medtronic during the 4th quarter valued at approximately $1,062,316,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MDT shares. Truist Financial increased their price objective on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Oppenheimer increased their price objective on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, February 21st. Finally, Mizuho increased their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. One research 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. Based on data from MarketBeat, Medtronic currently has an average rating of “Moderate Buy” and a consensus price target of $94.91.

Medtronic Trading Up 0.3 %

MDT traded up $0.23 during trading on Friday, reaching $87.15. The company had a trading volume of 7,579,459 shares, compared to its average volume of 6,365,203. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02. The stock has a market cap of $115.72 billion, a P/E ratio of 27.75, a PEG ratio of 2.97 and a beta of 0.76. The business has a 50 day simple moving average of $85.23 and a 200-day simple moving average of $80.73. 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 released its earnings results 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. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The business had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $7.95 billion. During the same period last year, the company earned $1.30 earnings per share. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, equities analysts anticipate that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 22nd will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.17%. Medtronic’s dividend payout ratio (DPR) is 87.90%.

Insider Transactions at Medtronic

In other news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction 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 $4,110,842.57. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

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.