Miramar Capital LLC Cuts Stock Position in Medtronic plc (NYSE:MDT)

Miramar Capital LLC lessened its stake in Medtronic plc (NYSE:MDT) by 0.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 151,517 shares of the medical technology company’s stock after selling 650 shares during the quarter. Medtronic makes up about 2.9% of Miramar Capital LLC’s portfolio, making the stock its 16th biggest holding. Miramar Capital LLC’s holdings in Medtronic were worth $12,103,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Darwin Wealth Management LLC purchased a new stake in Medtronic in the 3rd quarter worth $27,000. Mainstream Capital Management LLC purchased a new stake in shares of Medtronic during the fourth quarter worth $26,000. J. Stern & Co. LLP purchased a new stake in shares of Medtronic during the third quarter worth $30,000. Stephens Consulting LLC grew its holdings in shares of Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after buying an additional 204 shares in the last quarter. Finally, Fiduciary Advisors Inc. purchased a new stake in shares of Medtronic during the fourth quarter worth $36,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 1.6 %

Shares of MDT stock opened at $94.58 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The firm has a market cap of $121.30 billion, a PE ratio of 28.75, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The company has a 50-day moving average of $88.33 and a two-hundred day moving average of $87.80. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $95.57.

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

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MDT. Barclays upped 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. Truist Financial dropped 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. UBS Group upped their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Finally, Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and upped their target price for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $96.07.

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.