Nemes Rush Group LLC Sells 5,190 Shares of Medtronic plc (NYSE:MDT)

Nemes Rush Group LLC cut its holdings in shares of Medtronic plc (NYSE:MDT) by 41.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,188 shares of the medical technology company’s stock after selling 5,190 shares during the quarter. Nemes Rush Group LLC’s holdings in Medtronic were worth $574,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC grew its holdings in shares of Medtronic by 21.0% during the 3rd quarter. FMR LLC now owns 1,839,569 shares of the medical technology company’s stock valued at $165,616,000 after purchasing an additional 319,256 shares during the last quarter. PDT Partners LLC bought a new stake in shares of Medtronic during the third quarter worth $522,000. Edgestream Partners L.P. increased its holdings in shares of Medtronic by 682.9% during the third quarter. Edgestream Partners L.P. now owns 23,737 shares of the medical technology company’s stock worth $2,137,000 after buying an additional 20,705 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Medtronic in the 3rd quarter valued at $568,000. Finally, Ascent Group LLC acquired a new stake in shares of Medtronic during the 3rd quarter valued at $476,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on MDT shares. Royal Bank of Canada reissued an “outperform” rating and set a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. Truist Financial decreased their price objective on 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 reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird upped their price target on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus target price of $96.07.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $88.48 on Wednesday. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average price of $91.02 and a 200-day moving average price of $87.98. The company has a market cap of $113.48 billion, a price-to-earnings ratio of 26.89, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. As a group, equities analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors 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 3.16%. The ex-dividend date is Friday, March 28th. Medtronic’s payout ratio is currently 85.11%.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate 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.