Financial Counselors Inc. Reduces Stock Position in Medtronic plc (NYSE:MDT)

Financial Counselors Inc. cut its stake in Medtronic plc (NYSE:MDT - Free Report) by 7.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 200,943 shares of the medical technology company's stock after selling 17,346 shares during the quarter. Financial Counselors Inc.'s holdings in Medtronic were worth $16,051,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MDT. Penobscot Investment Management Company Inc. acquired a new position in Medtronic in the 4th quarter valued at about $279,000. Morey & Quinn Wealth Partners LLC purchased a new stake in Medtronic in the fourth quarter valued at approximately $229,000. Ipsen Advisor Group LLC purchased a new position in shares of Medtronic during the fourth quarter worth $459,000. Murphy & Mullick Capital Management Corp purchased a new position in shares of Medtronic during the fourth quarter worth $65,000. Finally, Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Medtronic by 2.0% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 647,334 shares of the medical technology company's stock valued at $51,709,000 after buying an additional 12,727 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. UBS Group raised their target price on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird increased their target price on shares of Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Royal Bank of Canada restated an "outperform" rating and issued a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Truist Financial reduced their price objective on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday, December 18th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $96.07.

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Insider Buying and Selling

In other news, EVP Brett A. Wall sold 12,437 shares of the business's stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.20% of the company's stock.

Medtronic Stock Performance

Medtronic stock traded down $1.36 during midday trading on Friday, hitting $87.62. 6,320,123 shares of the company's stock were exchanged, compared to its average volume of 6,561,213. The firm's 50 day simple moving average is $90.98 and its 200 day simple moving average is $88.01. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The stock has a market cap of $112.38 billion, a price-to-earnings ratio of 26.63, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. Equities research analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders 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 dividend yield of 3.20%. The ex-dividend date is Friday, March 28th. Medtronic's dividend payout ratio (DPR) is presently 85.11%.

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.