Diversify Advisory Services LLC Cuts Stake in Medtronic plc (NYSE:MDT)

Diversify Advisory Services LLC decreased its holdings in Medtronic plc (NYSE:MDT - Free Report) by 25.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,714 shares of the medical technology company's stock after selling 11,272 shares during the quarter. Diversify Advisory Services LLC's holdings in Medtronic were worth $2,639,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Fortitude Family Office LLC acquired a new position in shares of Medtronic in the third quarter worth approximately $27,000. Darwin Wealth Management LLC acquired a new position in shares of Medtronic during the 3rd quarter valued at $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic during the 3rd quarter worth about $27,000. J. Stern & Co. LLP acquired a new stake in shares of Medtronic in the 3rd quarter valued at about $30,000. Finally, Chelsea Counsel Co. bought a new position in Medtronic in the third quarter worth approximately $45,000. Institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

Shares of MDT traded up $1.07 during midday trading on Monday, hitting $88.23. 9,577,939 shares of the company traded hands, compared to its average volume of 5,401,241. The stock has a 50-day moving average of $83.64 and a 200-day moving average of $85.21. 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 one year low of $75.96 and a one year high of $92.68. The firm has a market cap of $113.13 billion, a P/E ratio of 26.98, a PEG ratio of 2.28 and a beta of 0.83.

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

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic's payout ratio is 85.63%.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of the company's stock in a transaction 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 directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MDT. Robert W. Baird reduced their price target on shares of Medtronic from $96.00 to $93.00 and set a "neutral" rating for the company in a research report on Wednesday, November 20th. Royal Bank of Canada upgraded shares of Medtronic from a "sector perform" rating to an "outperform" rating and lifted their price objective for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Sanford C. Bernstein upped their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an "outperform" rating in a report on Wednesday, November 20th. Evercore ISI lifted their price target on Medtronic from $100.00 to $104.00 and gave the company an "outperform" rating in a research note on Tuesday, October 1st. Finally, Truist Financial lowered their price objective on Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research note on Wednesday, December 18th. 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 assigned a strong buy rating to the stock. According to MarketBeat, Medtronic has an average rating of "Hold" and a consensus price target of $95.00.

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.