Cannell & Spears LLC Has $1.29 Million Holdings in Medtronic plc (NYSE:MDT)

Cannell & Spears LLC trimmed its holdings in Medtronic plc (NYSE:MDT) by 12.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,181 shares of the medical technology company’s stock after selling 2,311 shares during the period. Cannell & Spears LLC’s holdings in Medtronic were worth $1,293,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in MDT. FMR LLC lifted its position in Medtronic by 21.0% during the third quarter. FMR LLC now owns 1,839,569 shares of the medical technology company’s stock worth $165,616,000 after purchasing an additional 319,256 shares during the period. PDT Partners LLC acquired a new position in shares of Medtronic in the 3rd quarter valued at approximately $522,000. Edgestream Partners L.P. lifted its holdings in shares of Medtronic by 682.9% during the 3rd quarter. Edgestream Partners L.P. now owns 23,737 shares of the medical technology company’s stock worth $2,137,000 after acquiring an additional 20,705 shares during the period. True Wealth Design LLC boosted its position in shares of Medtronic by 1,793.3% during the 3rd quarter. True Wealth Design LLC now owns 568 shares of the medical technology company’s stock worth $51,000 after acquiring an additional 538 shares in the last quarter. Finally, FSA Wealth Management LLC bought a new position in Medtronic in the third quarter valued at approximately $72,000. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MDT. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Robert W. Baird boosted their target price on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and raised their price target for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Finally, Truist Financial decreased their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $96.07.

Medtronic Stock Performance

Shares of Medtronic stock opened at $89.92 on Tuesday. The stock has a market cap of $115.33 billion, a price-to-earnings ratio of 27.33, a P/E/G ratio of 2.22 and a beta of 0.80. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The company’s fifty day moving average is $91.02 and its 200 day moving average is $87.99. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. Sell-side analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio is presently 85.11%.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction 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 sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.20% of the company’s stock.

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.