Peterson Wealth Services Raises Stake in Medtronic plc (NYSE:MDT)

Peterson Wealth Services increased its stake in shares of Medtronic plc (NYSE:MDT) by 3.9% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 18,254 shares of the medical technology company’s stock after purchasing an additional 686 shares during the period. Peterson Wealth Services’ holdings in Medtronic were worth $1,458,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in MDT. Ritholtz Wealth Management lifted its holdings in Medtronic by 39.8% during the 3rd quarter. Ritholtz Wealth Management now owns 14,242 shares of the medical technology company’s stock worth $1,282,000 after purchasing an additional 4,051 shares in the last quarter. Willis Investment Counsel lifted its holdings in Medtronic by 0.3% during the 3rd quarter. Willis Investment Counsel now owns 351,850 shares of the medical technology company’s stock worth $31,677,000 after purchasing an additional 990 shares in the last quarter. Woodstock Corp lifted its holdings in Medtronic by 1.2% during the 3rd quarter. Woodstock Corp now owns 132,093 shares of the medical technology company’s stock worth $11,892,000 after purchasing an additional 1,506 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Medtronic by 18.5% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 12,179 shares of the medical technology company’s stock worth $1,096,000 after purchasing an additional 1,903 shares in the last quarter. Finally, Paladin Wealth LLC bought a new position in Medtronic in the 3rd quarter worth about $789,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the sale, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.20% of the stock is owned by corporate insiders.

Medtronic Price Performance

MDT opened at $90.84 on Tuesday. The stock’s 50 day simple moving average is $84.85 and its 200 day simple moving average is $86.48. 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 plc has a 1 year low of $75.96 and a 1 year high of $93.08. The firm has a market cap of $116.48 billion, a price-to-earnings ratio of 27.78, a PEG ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same period last year, the company earned $1.25 EPS. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.08%. Medtronic’s payout ratio is 85.63%.

Analysts Set New Price Targets

A number of brokerages have weighed in on MDT. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. JPMorgan Chase & Co. decreased their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Truist Financial decreased their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Wells Fargo & Company decreased their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Finally, Barclays upped their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Company 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.