Linscomb & Williams Inc. Cuts Position in Medtronic plc (NYSE:MDT)

Linscomb & Williams Inc. trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 2.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,378 shares of the medical technology company’s stock after selling 1,597 shares during the period. Linscomb & Williams Inc.’s holdings in Medtronic were worth $5,303,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Fortitude Family Office LLC purchased a new stake in Medtronic during the 4th quarter worth $25,000. Leith Wheeler Investment Counsel Ltd. boosted its position in shares of Medtronic by 293.0% in the fourth 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 during the period. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at about $27,000. Financial Gravity Asset Management Inc. raised its holdings 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 valued at $29,000 after buying an additional 279 shares during the period. Finally, Hartford Financial Management Inc. raised its holdings in shares of Medtronic by 52.1% during the 4th 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. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MDT has been the subject of a number of analyst reports. Oppenheimer upped their price target on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Wells Fargo & Company upped their target price on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday. UBS Group lifted their price target on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday. Truist Financial cut their target price on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research report on Friday. Finally, Mizuho increased their price target 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, five have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $94.45.

Medtronic Price Performance

MDT traded up $0.91 on Friday, reaching $82.29. The company had a trading volume of 8,732,273 shares, compared to its average volume of 5,738,687. The company has a market capitalization of $109.27 billion, a P/E ratio of 29.92, a PEG ratio of 2.68 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. The company has a fifty day moving average of $82.81 and a 200-day moving average of $82.75. Medtronic plc has a one year low of $68.84 and a one year high of $91.00.

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

Medtronic Increases Dividend

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

Insider Buying and Selling

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is owned by corporate 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.