Sylvest Advisors LLC Buys New Position in Medtronic plc (NYSE:MDT)

Sylvest Advisors LLC purchased a new position in shares of Medtronic plc (NYSE:MDT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,413 shares of the medical technology company’s stock, valued at approximately $273,000.

A number of other institutional investors also recently made changes to their positions in MDT. SYM FINANCIAL Corp bought a new stake in Medtronic during the fourth quarter worth approximately $457,000. Precision Wealth Strategies LLC increased its position in shares of Medtronic by 15.9% during the 4th quarter. Precision Wealth Strategies LLC now owns 4,335 shares of the medical technology company’s stock valued at $346,000 after purchasing an additional 594 shares during the period. Comprehensive Financial Consultants Institutional Inc. increased its position in shares of Medtronic by 5.3% during the 4th quarter. Comprehensive Financial Consultants Institutional Inc. now owns 45,965 shares of the medical technology company’s stock valued at $3,672,000 after purchasing an additional 2,320 shares during the period. Independence Bank of Kentucky raised its stake in shares of Medtronic by 182.3% in the 4th quarter. Independence Bank of Kentucky now owns 5,188 shares of the medical technology company’s stock worth $414,000 after buying an additional 3,350 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. bought a new position in Medtronic during the fourth quarter valued at about $1,155,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Analysts Set New Price Targets

MDT has been the topic of several research reports. Truist Financial dropped their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. JPMorgan Chase & Co. dropped their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Finally, Sanford C. Bernstein raised their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic Trading Down 1.4 %

Shares of NYSE MDT opened at $90.74 on Friday. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a one year low of $75.96 and a one year high of $93.08. The business has a 50-day moving average price of $84.38 and a two-hundred day moving average price of $86.00. The firm has a market capitalization of $116.35 billion, a PE ratio of 27.75, a PEG ratio of 2.59 and a beta of 0.83.

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

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

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.