Triangle Securities Wealth Management Trims Position in Medtronic plc (NYSE:MDT)

Triangle Securities Wealth Management trimmed its holdings in shares of Medtronic plc (NYSE:MDTFree Report) by 4.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,159 shares of the medical technology company’s stock after selling 280 shares during the quarter. Triangle Securities Wealth Management’s holdings in Medtronic were worth $507,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MDT. Perceptive Advisors LLC acquired a new stake in shares of Medtronic in the second quarter valued at approximately $41,143,000. Tower Research Capital LLC TRC boosted its holdings in shares of Medtronic by 69.3% in the third quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock valued at $3,172,000 after acquiring an additional 16,574 shares during the period. Ropes Wealth Advisors LLC boosted its holdings in shares of Medtronic by 21.4% in the third quarter. Ropes Wealth Advisors LLC now owns 7,205 shares of the medical technology company’s stock valued at $565,000 after acquiring an additional 1,269 shares during the period. Exchange Traded Concepts LLC raised its stake in shares of Medtronic by 109,325.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 91,917 shares of the medical technology company’s stock worth $7,572,000 after purchasing an additional 91,833 shares during the last quarter. Finally, Wallace Advisory Group LLC raised its stake in shares of Medtronic by 19.3% during the third quarter. Wallace Advisory Group LLC now owns 4,889 shares of the medical technology company’s stock worth $383,000 after purchasing an additional 792 shares during the last quarter. 80.75% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Mizuho upped their price target on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Truist Financial raised their price target on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Oppenheimer increased their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Morgan Stanley decreased their price objective on Medtronic from $104.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 22nd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note 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 company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $94.91.

View Our Latest Research Report on Medtronic

Medtronic Stock Down 0.3 %

MDT stock traded down $0.26 during midday trading on Tuesday, hitting $83.40. 484,224 shares of the company’s stock were exchanged, compared to its average volume of 6,285,310. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02. The firm has a 50 day moving average price of $85.62 and a 200-day moving average price of $80.57. The stock has a market capitalization of $110.74 billion, a price-to-earnings ratio of 26.65, a price-to-earnings-growth ratio of 2.86 and a beta of 0.76.

Medtronic (NYSE:MDTGet Free Report) last issued its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, topping 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 analyst estimates of $7.95 billion. During the same quarter last year, the firm earned $1.30 EPS. The business’s revenue was up 4.7% on a year-over-year basis. On average, analysts anticipate that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 22nd will be given a dividend of $0.69 per share. The ex-dividend date is Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.31%. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Insiders Place Their Bets

In other news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is currently owned by insiders.

About Medtronic

(Free Report)

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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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