Nations Financial Group Inc. IA ADV Decreases Position in Medtronic plc (NYSE:MDT)

Nations Financial Group Inc. IA ADV decreased its stake in Medtronic plc (NYSE:MDT) by 16.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 21,516 shares of the medical technology company’s stock after selling 4,224 shares during the quarter. Nations Financial Group Inc. IA ADV’s holdings in Medtronic were worth $1,773,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Fortitude Family Office LLC bought a new position in Medtronic during the fourth quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. grew its holdings in 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 purchasing an additional 236,064 shares during the last quarter. MeadowBrook Investment Advisors LLC purchased a new stake in Medtronic in the 4th quarter worth about $27,000. Financial Gravity Asset Management Inc. lifted its stake 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 worth $29,000 after purchasing an additional 279 shares during the last quarter. Finally, Hartford Financial Management Inc. boosted its position in shares of 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 buying an additional 164 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Mizuho upped 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 lowered their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday. UBS Group boosted their price objective on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday. Oppenheimer boosted their price target on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $94.45.

Insider Activity

In related news, EVP Michael Marinaro sold 854 shares of the company’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 transaction of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.30% of the company’s stock.

Medtronic Price Performance

NYSE:MDT traded up $0.91 during trading hours on Friday, reaching $82.29. 8,732,273 shares of the company were exchanged, compared to its average volume of 5,738,687. The stock’s 50-day moving average is $82.81 and its 200-day moving average is $82.75. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.00. The firm has a market cap of $109.27 billion, a PE ratio of 29.92, a price-to-earnings-growth ratio of 2.65 and a beta of 0.78. The company has a current ratio of 2.03, a quick ratio of 1.71 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The firm had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the prior year, the firm earned $1.57 EPS. The company’s revenue for the quarter was up .5% on a year-over-year basis. On average, sell-side analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.40%. This is a boost from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Friday, June 28th. Medtronic’s dividend payout ratio is 100.36%.

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.