Medtronic plc (NYSE:MDT) Shares Sold by First Pacific Financial

First Pacific Financial lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 1.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,439 shares of the medical technology company’s stock after selling 119 shares during the quarter. First Pacific Financial’s holdings in Medtronic were worth $778,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Hartford Financial Management Inc. boosted its stake in shares of Medtronic by 425.0% during the 3rd quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after acquiring an additional 255 shares in the last quarter. Fortitude Family Office LLC acquired a new position in Medtronic in the 4th quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. raised its stake in shares of Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after purchasing an additional 236,064 shares in the last quarter. Financial Gravity Asset Management Inc. boosted its position in shares of Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after acquiring an additional 279 shares in the last quarter. Finally, Princeton Global Asset Management LLC acquired a new position in Medtronic in the third quarter worth about $31,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In other news, EVP Sean Salmon sold 30,695 shares of the 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 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 sale was disclosed in a legal filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. Mizuho lifted their target price on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Truist Financial raised their price objective on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Finally, Oppenheimer boosted their price objective on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Medtronic presently has a consensus rating of “Moderate Buy” and an average price target of $94.91.

Medtronic Stock Up 3.8 %

Shares of MDT opened at $86.92 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02. The stock has a market capitalization of $115.41 billion, a price-to-earnings ratio of 27.68, a PEG ratio of 2.86 and a beta of 0.76. The stock has a fifty day moving average of $85.21 and a 200-day moving average of $80.68.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The firm had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. During the same period last year, the firm posted $1.30 earnings per share. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 22nd will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend is Thursday, March 21st. Medtronic’s payout ratio is currently 87.90%.

Medtronic Company 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.