Medtronic plc (NYSE:MDT) Stake Lowered by Financial Perspectives Inc

Financial Perspectives Inc lowered its position in shares of Medtronic plc (NYSE:MDT) by 0.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 239,270 shares of the medical technology company’s stock after selling 1,744 shares during the period. Medtronic comprises approximately 8.0% of Financial Perspectives Inc’s holdings, making the stock its largest holding. Financial Perspectives Inc’s holdings in Medtronic were worth $19,711,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Ritholtz Wealth Management boosted its position in Medtronic by 19.8% during the third quarter. Ritholtz Wealth Management now owns 9,376 shares of the medical technology company’s stock valued at $735,000 after purchasing an additional 1,550 shares in the last quarter. Wedge Capital Management L L P NC boosted its position in Medtronic by 13.0% during the third quarter. Wedge Capital Management L L P NC now owns 2,900 shares of the medical technology company’s stock valued at $227,000 after purchasing an additional 333 shares in the last quarter. Leavell Investment Management Inc. boosted its holdings in Medtronic by 4.3% in the third quarter. Leavell Investment Management Inc. now owns 5,274 shares of the medical technology company’s stock worth $417,000 after acquiring an additional 219 shares in the last quarter. Montecito Bank & Trust boosted its holdings in Medtronic by 10.7% in the third quarter. Montecito Bank & Trust now owns 7,130 shares of the medical technology company’s stock worth $559,000 after acquiring an additional 690 shares in the last quarter. Finally, Impact Partnership Wealth LLC boosted its holdings in Medtronic by 369.8% in the third quarter. Impact Partnership Wealth LLC now owns 1,245 shares of the medical technology company’s stock worth $98,000 after acquiring an additional 980 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

MDT stock traded up $0.71 during trading on Tuesday, hitting $81.28. 5,296,122 shares of the company traded hands, compared to its average volume of 6,290,356. The stock’s 50-day simple moving average is $83.84 and its 200 day simple moving average is $81.11. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The company has a market cap of $107.93 billion, a PE ratio of 25.75, a P/E/G ratio of 2.72 and a beta of 0.76. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $92.02.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.04. The company had revenue of $8.09 billion during 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%. Medtronic’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the business earned $1.30 earnings per share. On average, equities analysts expect that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Wall Street Analyst Weigh In

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

Insider Activity

In other 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 value 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, 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 completion of the sale, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The disclosure for this sale can be found here. Company insiders own 0.30% 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.