Medtronic plc (NYSE:MDT) Stock Position Trimmed by First Pacific Financial

First Pacific Financial decreased its position in Medtronic plc (NYSE:MDT) by 1.2% during the 4th quarter, Holdings Channel reports. The firm owned 9,439 shares of the medical technology company’s stock after selling 119 shares during the quarter. First Pacific Financial’s holdings in Medtronic were worth $778,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of MDT. Moneta Group Investment Advisors LLC increased its position in shares of Medtronic by 127,655.1% in 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 purchasing an additional 14,149,287 shares during the last quarter. Norges Bank acquired a new stake in Medtronic in the fourth quarter valued at $1,062,316,000. Bank of New York Mellon Corp increased its holdings in Medtronic by 33.1% during the 3rd 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 acquiring an additional 4,816,172 shares in the last quarter. Pzena Investment Management LLC grew its stake in shares of Medtronic by 112.8% during the third quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock valued at $449,048,000 after acquiring an additional 3,037,394 shares in the last quarter. Finally, Morgan Stanley boosted its stake in Medtronic by 9.2% during the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after buying an additional 1,994,123 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

Shares of NYSE MDT opened at $86.92 on Thursday. Medtronic plc has a 12-month low of $68.84 and a 12-month 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 firm has a 50 day moving average of $85.21 and a 200 day moving average of $80.68. The firm has a market capitalization of $115.41 billion, a price-to-earnings ratio of 27.68, a price-to-earnings-growth ratio of 2.86 and a beta of 0.76.

Medtronic (NYSE:MDT) last issued 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. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $7.95 billion. During the same period in the previous year, the firm posted $1.30 EPS. Medtronic’s revenue was up 4.7% on a year-over-year basis. On average, research analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MDT. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, February 21st. Mizuho upped their price target on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Oppenheimer increased their price target on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 21st. Finally, 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Moderate Buy” and a consensus price target of $94.91.

Insider Transactions at Medtronic

In other news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction on 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 transaction, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.30% of the company’s stock.

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.