High Note Wealth LLC Trims Holdings in Medtronic plc (NYSE:MDT)

High Note Wealth LLC decreased its holdings in Medtronic plc (NYSE:MDT) by 2.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 6,873 shares of the medical technology company’s stock after selling 171 shares during the quarter. High Note Wealth LLC’s holdings in Medtronic were worth $566,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MDT. Hartford Financial Management Inc. grew its position 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 buying an additional 255 shares in the last quarter. Fortitude Family Office LLC bought a new position in shares of Medtronic during the 4th quarter worth $25,000. Leith Wheeler Investment Counsel Ltd. grew its position 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 buying an additional 236,064 shares in the last quarter. Financial Gravity Asset Management Inc. grew 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 worth $29,000 after buying an additional 279 shares in the last quarter. Finally, Princeton Global Asset Management LLC bought a new position in shares of Medtronic during the 3rd quarter worth $31,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 3.8 %

Shares of MDT stock opened at $86.92 on Thursday. The stock has a 50 day moving average of $85.21 and a 200 day moving average of $80.68. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The stock has a market cap of $115.41 billion, a P/E ratio of 27.68, a P/E/G ratio of 2.86 and a beta of 0.76. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.02.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.04. The company 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%. Medtronic’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the business earned $1.30 earnings per share. As a group, sell-side analysts expect that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

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

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 that occurred 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 of the company’s stock, valued at $4,110,842.57. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on MDT shares. Truist Financial increased their price target on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Oppenheimer raised their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, February 21st. Finally, Mizuho raised their price objective on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research 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 issued a buy rating to the stock. According to MarketBeat, Medtronic has a consensus rating of “Moderate Buy” and an average price target of $94.91.

Medtronic 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.