Beacon Financial Group Has $1.04 Million Position in Medtronic plc (NYSE:MDT)

Beacon Financial Group lowered its holdings in shares of Medtronic plc (NYSE:MDT) by 17.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,016 shares of the medical technology company’s stock after selling 2,712 shares during the quarter. Beacon Financial Group’s holdings in Medtronic were worth $1,040,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Fortitude Family Office LLC acquired a new position in Medtronic in the 3rd quarter valued at $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic during the 3rd quarter valued at $27,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic during the 3rd quarter valued at $27,000. Stephens Consulting LLC lifted its position in shares of Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 204 shares during the period. Finally, J. Stern & Co. LLP bought a new stake in shares of Medtronic during the 3rd quarter valued at $30,000. 82.06% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MDT shares. Robert W. Baird cut their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Barclays upped their price objective on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. dropped their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Truist Financial dropped their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Finally, Sanford C. Bernstein upped their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic Trading Up 0.2 %

Shares of MDT stock opened at $91.35 on Thursday. The stock has a market cap of $117.14 billion, a price-to-earnings ratio of 27.94, a PEG ratio of 2.57 and a beta of 0.84. The stock has a 50-day moving average of $85.04 and a 200-day moving average of $86.65. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08.

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, beating the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.25 earnings per share. On average, equities research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.07%. Medtronic’s payout ratio is 85.63%.

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.