Stone Point Wealth LLC Sells 10,564 Shares of Medtronic plc (NYSE:MDT)

Stone Point Wealth LLC decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 37.6% during the fourth quarter, HoldingsChannel reports. The fund owned 17,536 shares of the medical technology company’s stock after selling 10,564 shares during the quarter. Stone Point Wealth LLC’s holdings in Medtronic were worth $1,445,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Hartford Financial Management Inc. increased its holdings 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 acquiring an additional 255 shares during the period. Fortitude Family Office LLC purchased a new stake in shares of Medtronic in the fourth quarter worth $25,000. Leith Wheeler Investment Counsel Ltd. boosted its stake in Medtronic by 293.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after buying an additional 236,064 shares during the period. Financial Gravity Asset Management Inc. grew its position in Medtronic by 317.0% during the third 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 Medtronic in the 3rd quarter worth about $31,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

MDT has been the subject of a number of research analyst reports. Oppenheimer lifted their price target on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Truist Financial lifted their target price on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Royal Bank of Canada restated 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 upped their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $94.91.

Insider Buying and Selling at Medtronic

In other news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of 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 document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Medtronic Trading Up 1.1 %

Shares of NYSE:MDT traded up $0.89 on Tuesday, reaching $83.80. 5,598,254 shares of the company traded hands, compared to its average volume of 6,299,351. The stock has a market capitalization of $111.27 billion, a P/E ratio of 26.64, a price-to-earnings-growth ratio of 2.89 and a beta of 0.76. The business’s 50-day simple moving average is $85.08 and its 200 day simple moving average is $80.93. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02.

Medtronic (NYSE:MDT) last released 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 firm had revenue of $8.09 billion during the quarter, compared to analyst estimates of $7.95 billion. During the same quarter in the prior year, the firm posted $1.30 earnings per share. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, equities analysts anticipate that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) 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.