TCI Wealth Advisors Inc. Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

TCI Wealth Advisors Inc. reduced its position in Medtronic plc (NYSE:MDT) by 3.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,760 shares of the medical technology company’s stock after selling 178 shares during the period. TCI Wealth Advisors Inc.’s holdings in Medtronic were worth $475,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Fortitude Family Office LLC purchased a new stake in shares of Medtronic during the fourth quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. boosted its holdings in shares of Medtronic by 293.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after acquiring an additional 236,064 shares during the last quarter. Financial Gravity Asset Management Inc. grew its stake in shares of Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after acquiring an additional 279 shares during the period. Princeton Global Asset Management LLC purchased a new position in shares of Medtronic during the third quarter valued at approximately $31,000. Finally, Hartford Financial Management Inc. lifted its position in Medtronic by 52.1% during the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock valued at $39,000 after purchasing an additional 164 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on MDT. Mizuho raised their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, February 21st. Oppenheimer raised their target price on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Finally, Truist Financial raised their target price on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $94.91.

Insider Activity at Medtronic

In other news, EVP Sean Salmon sold 30,695 shares of Medtronic 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now 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 is available through the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction dated 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 owns 48,289 shares in the company, valued at $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Medtronic Price Performance

Shares of MDT stock traded down $0.02 on Monday, hitting $81.67. 2,493,633 shares of the stock traded hands, compared to its average volume of 6,183,790. The firm has a market cap of $108.44 billion, a price-to-earnings ratio of 25.89, a PEG ratio of 2.66 and a beta of 0.78. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.00. The firm has a 50 day simple moving average of $83.08 and a two-hundred day simple moving average of $81.56. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating 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 company had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. During the same quarter last year, the company earned $1.30 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities research analysts predict that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.38%. Medtronic’s dividend payout ratio is 87.90%.

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.