Sheets Smith Wealth Management Cuts Holdings in Medtronic plc (NYSE:MDT)

Sheets Smith Wealth Management reduced its stake in shares of Medtronic plc (NYSE:MDT) by 26.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,995 shares of the medical technology company’s stock after selling 1,058 shares during the period. Sheets Smith Wealth Management’s holdings in Medtronic were worth $247,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Evergreen Wealth Management LLC increased its stake in Medtronic by 2.7% during the 4th quarter. Evergreen Wealth Management LLC now owns 19,165 shares of the medical technology company’s stock valued at $1,579,000 after purchasing an additional 510 shares in the last quarter. Connecticut Wealth Management LLC lifted its holdings in Medtronic by 24.6% in the fourth quarter. Connecticut Wealth Management LLC now owns 4,750 shares of the medical technology company’s stock valued at $391,000 after acquiring an additional 937 shares during the period. TCG Advisory Services LLC bought a new stake in Medtronic during the fourth quarter valued at approximately $219,000. Provence Wealth Management Group increased its holdings in Medtronic by 5,086.8% during the fourth quarter. Provence Wealth Management Group now owns 3,527 shares of the medical technology company’s stock valued at $291,000 after buying an additional 3,459 shares during the last quarter. Finally, Sapient Capital LLC bought a new position in Medtronic in the fourth quarter worth approximately $213,000. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on MDT shares. Mizuho raised 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 increased their price target on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Oppenheimer increased their price objective on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $94.91.

Medtronic Price Performance

MDT stock opened at $81.76 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The business has a 50 day simple moving average of $83.05 and a 200-day simple moving average of $81.63. The firm has a market capitalization of $108.56 billion, a PE ratio of 26.04, a price-to-earnings-growth ratio of 2.66 and a beta of 0.78. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, topping 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 company had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $7.95 billion. During the same period in the prior year, the firm earned $1.30 earnings per share. The firm’s revenue was up 4.7% compared to the same quarter last year. Equities research analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s dividend payout ratio is presently 87.90%.

Insider Activity at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

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.