Thrive Wealth Management LLC Cuts Stock Position in Medtronic plc (NYSE:MDT)

Thrive Wealth Management LLC cut its holdings in shares of Medtronic plc (NYSE:MDT) by 9.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,460 shares of the medical technology company’s stock after selling 556 shares during the quarter. Thrive Wealth Management LLC’s holdings in Medtronic were worth $436,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Edgestream Partners L.P. bought a new stake in shares of Medtronic in the second quarter valued at $239,000. AE Wealth Management LLC lifted its holdings in Medtronic by 24.7% during the second quarter. AE Wealth Management LLC now owns 9,578 shares of the medical technology company’s stock valued at $754,000 after purchasing an additional 1,896 shares during the last quarter. Pacer Advisors Inc. boosted its position in Medtronic by 37.6% during the second quarter. Pacer Advisors Inc. now owns 124,197 shares of the medical technology company’s stock worth $9,776,000 after purchasing an additional 33,959 shares during the period. Summit Trail Advisors LLC increased its stake in shares of Medtronic by 1.2% in the second quarter. Summit Trail Advisors LLC now owns 14,812 shares of the medical technology company’s stock worth $1,176,000 after purchasing an additional 169 shares in the last quarter. Finally, Ensign Peak Advisors Inc raised its holdings in Medtronic by 5.9% during the 2nd quarter. Ensign Peak Advisors Inc now owns 388,629 shares of the medical technology company’s stock valued at $30,589,000 after acquiring an additional 21,545 shares during the period. Institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction that occurred on 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 directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.20% of the stock is owned by corporate insiders.

Medtronic Stock Up 1.2 %

MDT stock opened at $88.23 on Monday. The firm has a market cap of $113.13 billion, a PE ratio of 26.98, a P/E/G ratio of 2.28 and a beta of 0.83. The firm’s fifty day moving average is $83.64 and its 200 day moving average is $85.16. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. Medtronic plc has a one year low of $75.96 and a one year high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the firm posted $1.25 earnings per share. On average, research analysts forecast that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.17%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Truist Financial cut their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Robert W. Baird reduced their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Wells Fargo & Company dropped their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Barclays upped their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Finally, Evercore ISI raised their target price on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $95.00.

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.