Medtronic plc (NYSE:MDT) Shares Sold by Scotia Capital Inc.

Scotia Capital Inc. reduced its position in shares of Medtronic plc (NYSE:MDT) by 0.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,050,930 shares of the medical technology company’s stock after selling 3,033 shares during the quarter. Scotia Capital Inc.’s holdings in Medtronic were worth $83,959,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MDT. Morse Asset Management Inc bought a new position in Medtronic in the 3rd quarter worth about $225,000. Quadrature Capital Ltd bought a new position in Medtronic in the third quarter worth $252,000. Continuum Advisory LLC boosted its holdings in shares of Medtronic by 6.0% in the 3rd quarter. Continuum Advisory LLC now owns 6,224 shares of the medical technology company’s stock worth $535,000 after acquiring an additional 351 shares in the last quarter. Coldstream Capital Management Inc. boosted its holdings in Medtronic by 22.3% in the third quarter. Coldstream Capital Management Inc. now owns 14,322 shares of the medical technology company’s stock valued at $1,287,000 after acquiring an additional 2,610 shares during the last quarter. Finally, Wilson & Boucher Capital Management LLC bought a new stake in Medtronic in the third quarter valued at approximately $199,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Medtronic stock opened at $85.42 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company’s fifty day moving average price is $90.04 and its 200 day moving average price is $87.74. The stock has a market capitalization of $109.55 billion, a P/E ratio of 25.96, a P/E/G ratio of 2.22 and a beta of 0.79. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25.

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

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.28%. Medtronic’s payout ratio is presently 85.11%.

Insider Activity at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and increased their price target for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. UBS Group raised their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Finally, Robert W. Baird raised their price objective on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $96.07.

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.