Beach Investment Counsel Inc. PA Has $1.82 Million Holdings in Medtronic plc (NYSE:MDT)

Beach Investment Counsel Inc. PA cut its holdings in shares of Medtronic plc (NYSE:MDT) by 8.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 22,782 shares of the medical technology company’s stock after selling 2,150 shares during the quarter. Beach Investment Counsel Inc. PA’s holdings in Medtronic were worth $1,820,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. State Street Corp raised its position in shares of Medtronic by 0.9% in the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock valued at $5,509,155,000 after acquiring an additional 520,027 shares during the period. Pzena Investment Management LLC raised its position in shares of Medtronic by 3.3% in the 3rd quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock valued at $772,727,000 after acquiring an additional 275,870 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Medtronic by 436.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after acquiring an additional 5,975,110 shares during the period. Raymond James & Associates raised its position in shares of Medtronic by 2.3% in the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock valued at $575,460,000 after acquiring an additional 145,504 shares during the period. Finally, Fisher Asset Management LLC raised its position in shares of Medtronic by 11.5% in the 3rd quarter. Fisher Asset Management LLC now owns 5,893,720 shares of the medical technology company’s stock valued at $530,612,000 after acquiring an additional 609,391 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of MDT opened at $90.46 on Tuesday. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $93.08. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The company has a 50 day moving average of $84.38 and a 200-day moving average of $86.09. The stock has a market capitalization of $115.99 billion, a P/E ratio of 27.67, a P/E/G ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same period last year, the business earned $1.25 earnings per share. The firm’s revenue was up 5.2% on a year-over-year basis. As a group, equities research analysts forecast that Medtronic plc will post 5.45 EPS 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 paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.10%. Medtronic’s dividend payout ratio is presently 85.63%.

Insider Activity at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. 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 company insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Truist Financial cut their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Sanford C. Bernstein raised their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Barclays raised 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. Finally, Wells Fargo & Company dropped their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and an average price target of $95.00.

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.