Graypoint LLC Raises Stock Position in Medtronic plc (NYSE:MDT)

Graypoint LLC lifted its stake in Medtronic plc (NYSE:MDT) by 7.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,934 shares of the medical technology company’s stock after purchasing an additional 490 shares during the period. Graypoint LLC’s holdings in Medtronic were worth $554,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Clear Harbor Asset Management LLC lifted its holdings in Medtronic by 1.2% in the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after buying an additional 111 shares during the period. Guardian Wealth Management Inc. lifted its stake in shares of Medtronic by 0.9% in the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock valued at $1,182,000 after purchasing an additional 115 shares during the period. First PREMIER Bank boosted its position in shares of Medtronic by 1.8% during the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after purchasing an additional 116 shares in the last quarter. First City Capital Management Inc. grew its stake in Medtronic by 2.9% in the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after purchasing an additional 116 shares during the period. Finally, Hardy Reed LLC raised its holdings in Medtronic by 4.4% in the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock worth $247,000 after purchasing an additional 116 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on MDT. Citigroup boosted their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Barclays upped their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Truist Financial lowered their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Finally, Wells Fargo & Company lowered their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. One investment 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Performance

Shares of NYSE MDT opened at $80.62 on Friday. The firm’s 50-day moving average price is $83.99 and its 200-day moving average price is $84.91. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The company has a market cap of $103.38 billion, a PE ratio of 24.65, a PEG ratio of 2.33 and a beta of 0.83. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS 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 firm’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.25 EPS. As a group, analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares in the company, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.20% of the stock is owned by corporate insiders.

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.