Sheets Smith Wealth Management Has $247,000 Holdings in Medtronic plc (NYSE:MDT)

Sheets Smith Wealth Management lowered its holdings in Medtronic plc (NYSE:MDT) by 26.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 2,995 shares of the medical technology company’s stock after selling 1,058 shares during the quarter. Sheets Smith Wealth Management’s holdings in Medtronic were worth $247,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Loudon Investment Management LLC lifted its position in Medtronic by 9.5% during the fourth quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock worth $786,000 after purchasing an additional 874 shares during the period. BKM Wealth Management LLC bought a new position in shares of Medtronic in the 4th quarter valued at $941,000. International Assets Investment Management LLC grew its position in Medtronic by 8,340.3% in the fourth quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock valued at $85,558,000 after acquiring an additional 1,026,274 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Medtronic by 69.3% during the third quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock worth $3,172,000 after acquiring an additional 16,574 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Medtronic by 109,325.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 91,917 shares of the medical technology company’s stock valued at $7,572,000 after purchasing an additional 91,833 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

MDT has been the topic of several research reports. Oppenheimer boosted 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. Mizuho raised their target price on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. Finally, Truist Financial increased their target price on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” 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 six have given a buy rating to the company. Based on data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average price target of $94.91.

Insider Transactions at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, 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 Price Performance

Shares of NYSE:MDT opened at $81.76 on Tuesday. The company’s fifty day moving average price is $83.05 and its 200-day moving average price is $81.63. 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 firm has a market capitalization of $108.56 billion, a price-to-earnings ratio of 26.04, a PEG ratio of 2.66 and a beta of 0.78. Medtronic plc has a one year low of $68.84 and a one year high of $91.00.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. The firm 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%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.30 EPS. On average, equities research analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.38%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio is presently 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.