Resonant Capital Advisors LLC Lowers Stake in Medtronic plc (NYSE:MDT)

Resonant Capital Advisors LLC reduced its stake in shares of Medtronic plc (NYSE:MDT) by 0.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,300 shares of the medical technology company’s stock after selling 170 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Medtronic were worth $2,361,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Fortitude Family Office LLC purchased a new stake in shares of Medtronic during the third quarter valued at $27,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic in the third quarter valued at about $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic in the third quarter valued at about $27,000. J. Stern & Co. LLP bought a new stake in shares of Medtronic in the third quarter valued at about $30,000. Finally, Fiduciary Advisors Inc. bought a new stake in shares of Medtronic in the fourth quarter valued at about $36,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of MDT stock opened at $90.74 on Monday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $93.08. The firm has a market capitalization of $116.35 billion, a price-to-earnings ratio of 27.75, a PEG ratio of 2.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The stock’s 50-day simple moving average is $84.38 and its 200-day simple moving average is $86.09.

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

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given 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 3.09%. Medtronic’s dividend payout ratio is currently 85.63%.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, the executive vice president now owns 40,708 shares in the company, valued at $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Wells Fargo & Company decreased their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Truist Financial decreased their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Finally, Barclays boosted their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Company 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.