Washington Trust Advisors Inc. Has $127,000 Stock Position in Medtronic plc (NYSE:MDT)

Washington Trust Advisors Inc. cut its stake in Medtronic plc (NYSE:MDT) by 26.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 1,542 shares of the medical technology company’s stock after selling 560 shares during the period. Washington Trust Advisors Inc.’s holdings in Medtronic were worth $127,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fortitude Family Office LLC acquired a new stake in Medtronic during the 4th quarter valued at $25,000. Hartford Financial Management Inc. increased its position in 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 buying an additional 255 shares during the period. Financial Gravity Asset Management Inc. increased its position in Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after buying an additional 279 shares during the period. Fairfield Bush & CO. bought a new position in Medtronic during the 2nd quarter worth $32,000. Finally, Certified Advisory Corp bought a new position in Medtronic during the 1st quarter worth $31,000. 82.06% of the stock is owned by institutional investors.

Insider Transactions at Medtronic

In related news, EVP Sean Salmon sold 30,695 shares of Medtronic 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 sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

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

Medtronic Stock Performance

Shares of MDT traded up $0.30 during mid-day trading on Thursday, reaching $87.22. 2,933,193 shares of the company’s stock traded hands, compared to its average volume of 6,244,301. The business’s 50-day moving average price is $85.21 and its 200-day moving average price is $80.68. The stock has a market capitalization of $115.81 billion, a P/E ratio of 27.76, a price-to-earnings-growth ratio of 2.86 and a beta of 0.76. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.02. 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 (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share 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 business had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. During the same period last year, the business earned $1.30 EPS. The firm’s revenue was up 4.7% compared to the same quarter last year. Equities analysts predict that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 22nd will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend is Thursday, March 21st. Medtronic’s payout ratio is presently 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.