Saxon Interests Inc. Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

Saxon Interests Inc. reduced its position in shares of Medtronic plc (NYSE:MDT) by 64.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,999 shares of the medical technology company’s stock after selling 16,668 shares during the period. Saxon Interests Inc.’s holdings in Medtronic were worth $741,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Hartford Financial Management Inc. boosted its holdings 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 purchasing an additional 255 shares during the last quarter. Fortitude Family Office LLC acquired a new position in shares of Medtronic during the 4th quarter worth approximately $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 worth $26,000 after purchasing an additional 236,064 shares during the last quarter. Financial Gravity Asset Management Inc. lifted its holdings in Medtronic by 317.0% in the third 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 during the last quarter. Finally, Princeton Global Asset Management LLC purchased a new position in Medtronic in the third quarter worth approximately $31,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction 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 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 legal filing with the SEC, which can be accessed through this link. 0.30% of the stock is owned by insiders.

Medtronic Stock Up 0.3 %

Shares of NYSE MDT traded up $0.23 during mid-day trading on Friday, hitting $87.15. The company had a trading volume of 7,579,459 shares, compared to its average volume of 6,365,203. The company has a market capitalization of $115.72 billion, a PE ratio of 27.75, a price-to-earnings-growth ratio of 2.97 and a beta of 0.76. 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 plc has a 1-year low of $68.84 and a 1-year high of $92.02. The business’s 50-day simple moving average is $85.23 and its 200 day simple moving average is $80.73.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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. The business had revenue of $8.09 billion for 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 last year, the firm earned $1.30 earnings per share. On average, analysts predict that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 22nd will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.17%. The ex-dividend date is Thursday, March 21st. Medtronic’s payout ratio is currently 87.90%.

Wall Street Analyst Weigh In

MDT has been the subject of several analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday, February 21st. Mizuho increased their price objective on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Oppenheimer increased their price objective on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Finally, Truist Financial increased their price objective on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.91.

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.