Patrick M Sweeney & Associates Inc. Invests $463,000 in Medtronic plc (NYSE:MDT)

Patrick M Sweeney & Associates Inc. acquired a new stake in shares of Medtronic plc (NYSE:MDT) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 5,625 shares of the medical technology company’s stock, valued at approximately $463,000.

Other institutional investors have also added to or reduced their stakes in the company. Marino Stram & Associates LLC increased its holdings in Medtronic by 1.8% during the fourth quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock valued at $587,000 after buying an additional 126 shares during the period. Rogco LP lifted its position in Medtronic by 1.9% during the fourth quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock valued at $561,000 after acquiring an additional 129 shares during the last quarter. Modera Wealth Management LLC increased its position in Medtronic by 3.9% during the 3rd quarter. Modera Wealth Management LLC now owns 3,537 shares of the medical technology company’s stock valued at $277,000 after buying an additional 133 shares in the last quarter. jvl associates llc grew its stake in shares of Medtronic by 3.8% during the fourth quarter. jvl associates llc now owns 3,840 shares of the medical technology company’s stock worth $316,000 after acquiring an additional 139 shares during the last quarter. Finally, Dfpg Investments LLC increased its holdings in shares of Medtronic by 0.3% during the fourth quarter. Dfpg Investments LLC now owns 53,045 shares of the medical technology company’s stock valued at $4,413,000 after acquiring an additional 142 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Transactions at Medtronic

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

Analyst Ratings Changes

MDT has been the subject of several research reports. Truist Financial lifted their price objective on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. Mizuho increased their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Finally, Oppenheimer lifted their price target on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and an average target price of $94.91.

Medtronic Stock Down 0.4 %

Shares of MDT traded down $0.35 during mid-day trading on Wednesday, hitting $81.55. 4,159,638 shares of the company’s stock were exchanged, compared to its average volume of 6,162,186. The stock’s 50-day moving average is $83.01 and its 200-day moving average is $81.69. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. The company has a market cap of $108.28 billion, a price-to-earnings ratio of 26.01, a P/E/G ratio of 2.66 and a beta of 0.78.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.04. The firm had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.30 EPS. On average, sell-side analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

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

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.