Center for Financial Planning Inc. Cuts Holdings in Medtronic plc (NYSE:MDT)

Center for Financial Planning Inc. trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 15.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,492 shares of the medical technology company’s stock after selling 816 shares during the quarter. Center for Financial Planning Inc.’s holdings in Medtronic were worth $359,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of MDT. Valeo Financial Advisors LLC grew its holdings in Medtronic by 3.1% in the fourth quarter. Valeo Financial Advisors LLC now owns 18,342 shares of the medical technology company’s stock worth $1,465,000 after purchasing an additional 544 shares during the last quarter. Asset Planning Inc purchased a new position in Medtronic in the fourth quarter worth $70,000. Banque Pictet & Cie SA grew its holdings in Medtronic by 193.5% in the fourth quarter. Banque Pictet & Cie SA now owns 78,454 shares of the medical technology company’s stock worth $6,267,000 after purchasing an additional 51,727 shares during the last quarter. W.H. Cornerstone Investments Inc. grew its holdings in Medtronic by 103.2% in the fourth quarter. W.H. Cornerstone Investments Inc. now owns 7,146 shares of the medical technology company’s stock worth $571,000 after purchasing an additional 3,629 shares during the last quarter. Finally, DT Investment Partners LLC grew its holdings in Medtronic by 2.9% in the fourth quarter. DT Investment Partners LLC now owns 13,502 shares of the medical technology company’s stock worth $1,079,000 after purchasing an additional 375 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on MDT. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday. Sanford C. Bernstein lifted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Barclays lifted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. One 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $95.00.

Medtronic Trading Up 0.9 %

NYSE MDT opened at $93.02 on Friday. The company has a market capitalization of $119.28 billion, a PE ratio of 28.45, a P/E/G ratio of 2.57 and a beta of 0.84. The company has a fifty day moving average of $85.33 and a 200 day moving average of $86.72. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $93.08. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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. The business had revenue of $8.40 billion during 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 was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.25 earnings per share. Research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.01%. Medtronic’s dividend payout ratio (DPR) is currently 85.63%.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now 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 Securities & Exchange Commission, which is available at this link. Insiders own 0.20% of the company’s stock.

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.