Medtronic plc (NYSE:MDT) Holdings Reduced by Prestige Wealth Management Group LLC

Prestige Wealth Management Group LLC reduced its position in shares of Medtronic plc (NYSE:MDT) by 43.3% in the fourth quarter, HoldingsChannel.com reports. The firm owned 4,265 shares of the medical technology company’s stock after selling 3,257 shares during the period. Prestige Wealth Management Group LLC’s holdings in Medtronic were worth $344,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Medtronic by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock valued at $9,921,367,000 after purchasing an additional 754,395 shares in the last quarter. State Street Corp boosted its holdings in Medtronic by 0.9% in the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after purchasing an additional 520,027 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Medtronic during the 4th quarter valued at about $852,732,000. First Eagle Investment Management LLC raised its holdings in Medtronic by 0.3% in the 4th quarter. First Eagle Investment Management LLC now owns 9,792,200 shares of the medical technology company’s stock worth $782,201,000 after acquiring an additional 28,910 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Medtronic by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,002,051 shares of the medical technology company’s stock worth $639,204,000 after buying an additional 134,647 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

MDT has been the subject of several research reports. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Barclays boosted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Robert W. Baird lifted their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. UBS Group lifted their price objective on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average target price of $96.07.

Medtronic Stock Down 0.2 %

MDT opened at $90.16 on Tuesday. The company’s 50-day moving average price is $90.84 and its two-hundred day moving average price is $88.05. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The stock has a market cap of $115.64 billion, a price-to-earnings ratio of 27.40, a PEG ratio of 2.22 and a beta of 0.80. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. As a group, equities analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date is Friday, March 28th. Medtronic’s payout ratio is currently 85.11%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares in the company, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

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.