Procyon Advisors LLC Sells 3,058 Shares of Medtronic plc (NYSE:MDT)

Procyon Advisors LLC cut its position in shares of Medtronic plc (NYSE:MDT) by 17.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,178 shares of the medical technology company’s stock after selling 3,058 shares during the quarter. Procyon Advisors LLC’s holdings in Medtronic were worth $1,168,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Hartford Financial Management Inc. grew its position in Medtronic by 425.0% during the 3rd quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after acquiring an additional 255 shares during the last quarter. Fortitude Family Office LLC bought a new position in Medtronic during the 4th quarter worth approximately $25,000. Leith Wheeler Investment Counsel Ltd. grew its position in Medtronic by 293.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 236,064 shares during the last quarter. Financial Gravity Asset Management Inc. grew its position in Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after acquiring an additional 279 shares during the last quarter. Finally, Princeton Global Asset Management LLC bought a new position in Medtronic during the 3rd quarter worth approximately $31,000. 82.06% of the stock is currently owned by institutional investors.

Insider Activity

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

Medtronic Stock Up 0.7 %

NYSE:MDT traded up $0.58 during trading hours on Thursday, reaching $87.50. 759,926 shares of the company traded hands, compared to its average volume of 6,208,196. The business’s 50-day moving average price is $85.21 and its two-hundred day moving average price is $80.68. The stock has a market capitalization of $116.18 billion, a P/E ratio of 27.68, a P/E/G ratio of 2.86 and a beta of 0.76. Medtronic plc has a 1 year low of $68.84 and a 1 year 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.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The business had revenue of $8.09 billion during the quarter, compared to analyst estimates of $7.95 billion. During the same quarter last year, the company earned $1.30 EPS. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. Analysts predict that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 22nd will be given a $0.69 dividend. The ex-dividend date of this dividend is Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.15%. Medtronic’s payout ratio is 87.90%.

Analyst Ratings Changes

MDT has been the topic of several recent research reports. 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. Oppenheimer lifted their price objective on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Truist Financial lifted their price objective on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Finally, Mizuho lifted their price objective on 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, four have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic has an average rating of “Moderate Buy” and an average 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.