Medtronic plc (NYSE:MDT) Shares Sold by Archer Investment Corp

Archer Investment Corp trimmed its holdings in Medtronic plc (NYSE:MDT) by 93.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 517 shares of the medical technology company’s stock after selling 8,000 shares during the period. Archer Investment Corp’s holdings in Medtronic were worth $43,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Telos Capital Management Inc. raised its position in shares of Medtronic by 1.7% in the fourth quarter. Telos Capital Management Inc. now owns 120,184 shares of the medical technology company’s stock valued at $9,901,000 after buying an additional 1,993 shares during the last quarter. KLCM Advisors Inc. raised its position in shares of Medtronic by 3.5% in the fourth quarter. KLCM Advisors Inc. now owns 219,285 shares of the medical technology company’s stock valued at $18,065,000 after buying an additional 7,412 shares during the last quarter. Rakuten Securities Inc. acquired a new stake in shares of Medtronic in the fourth quarter valued at about $49,000. Guidance Capital Inc. increased its position in Medtronic by 17.0% during the fourth quarter. Guidance Capital Inc. now owns 8,369 shares of the medical technology company’s stock worth $693,000 after purchasing an additional 1,215 shares during the last quarter. Finally, Sfmg LLC increased its position in Medtronic by 5.7% during the fourth quarter. Sfmg LLC now owns 44,442 shares of the medical technology company’s stock worth $3,661,000 after purchasing an additional 2,382 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Medtronic Price Performance

Shares of MDT opened at $79.08 on Thursday. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.02. The stock has a market cap of $105.00 billion, a PE ratio of 25.18, a P/E/G ratio of 2.71 and a beta of 0.76. The firm has a 50-day simple moving average of $84.18 and a two-hundred day simple moving average of $81.01. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71.

Medtronic (NYSE:MDT) last announced its quarterly earnings results 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 net margin of 13.00% and a return on equity of 13.71%. The business had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $7.95 billion. During the same period last year, the business earned $1.30 earnings per share. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, analysts forecast that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s payout ratio is 87.90%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MDT shares. Oppenheimer raised their price objective on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” 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. Mizuho raised their price objective 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. Finally, Truist Financial raised their price objective on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.91.

About Medtronic

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.