Trinity Legacy Partners LLC Sells 13,154 Shares of Medtronic plc (NYSE:MDT)

Trinity Legacy Partners LLC trimmed its position in Medtronic plc (NYSE:MDT) by 23.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,738 shares of the medical technology company’s stock after selling 13,154 shares during the quarter. Trinity Legacy Partners LLC’s holdings in Medtronic were worth $3,414,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. State Street Corp increased its stake in Medtronic by 0.9% in the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after acquiring an additional 520,027 shares during the last quarter. Pzena Investment Management LLC grew its holdings in shares of Medtronic by 3.3% in the third quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock valued at $772,727,000 after purchasing an additional 275,870 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Medtronic by 436.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after purchasing an additional 5,975,110 shares during the last quarter. Fisher Asset Management LLC raised its stake in Medtronic by 11.5% during the third quarter. Fisher Asset Management LLC now owns 5,893,720 shares of the medical technology company’s stock valued at $530,612,000 after purchasing an additional 609,391 shares in the last quarter. Finally, Stifel Financial Corp lifted its position in Medtronic by 2.9% during the third quarter. Stifel Financial Corp now owns 5,842,020 shares of the medical technology company’s stock valued at $525,960,000 after purchasing an additional 164,700 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MDT has been the topic of several recent research reports. Truist Financial decreased their target price 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 restated an “outperform” rating and set a $105.00 price objective on shares of Medtronic in a research report on Wednesday. UBS Group lifted their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday. Wells Fargo & Company decreased their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Wednesday. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $95.20.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $88.14 on Friday. The firm’s 50 day simple moving average is $85.93 and its 200-day simple moving average is $87.03. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. Medtronic plc has a one year low of $75.96 and a one year high of $93.08. The firm has a market cap of $113.02 billion, a PE ratio of 26.79, a price-to-earnings-growth ratio of 2.46 and a beta of 0.84.

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

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the sale, the executive vice president now owns 40,708 shares in the company, valued at $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is owned by company 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.