Procyon Advisors LLC Cuts Stock Position in Medtronic plc (NYSE:MDT)

Procyon Advisors LLC lessened its holdings in Medtronic plc (NYSE:MDT) by 17.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 14,178 shares of the medical technology company’s stock after selling 3,058 shares during the period. Procyon Advisors LLC’s holdings in Medtronic were worth $1,168,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Moneta Group Investment Advisors LLC increased its position in shares of Medtronic by 127,655.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock worth $1,100,544,000 after acquiring an additional 14,149,287 shares during the period. Norges Bank purchased a new position in Medtronic during the fourth quarter valued at approximately $1,062,316,000. Bank of New York Mellon Corp increased its holdings in Medtronic by 33.1% during the third quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock valued at $1,564,508,000 after buying an additional 4,816,172 shares during the period. Pzena Investment Management LLC grew its holdings in Medtronic by 112.8% in the third quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock worth $449,048,000 after purchasing an additional 3,037,394 shares during the last quarter. Finally, Morgan Stanley grew its holdings in Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after purchasing an additional 1,994,123 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction dated 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 $4,110,842.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is owned by insiders.

Medtronic Stock Up 0.7 %

NYSE:MDT traded up $0.58 during midday trading on Thursday, hitting $87.50. 759,926 shares of the company were exchanged, compared to its average volume of 6,208,196. The company has a fifty day simple moving average of $85.21 and a 200 day simple moving average of $80.68. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.02. 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 company has a market capitalization of $116.18 billion, a PE ratio of 27.68, a price-to-earnings-growth ratio of 2.86 and a beta of 0.76.

Medtronic (NYSE:MDT) last posted its quarterly earnings data 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. The company had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. Medtronic’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.30 earnings per share. As a group, equities analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date is Thursday, March 21st. Medtronic’s dividend payout ratio is currently 87.90%.

Analyst Upgrades and Downgrades

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