HB Wealth Management LLC Raises Stake in Medtronic plc (NYSE:MDT)

HB Wealth Management LLC lifted its position in Medtronic plc (NYSE:MDT - Free Report) by 5.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 79,813 shares of the medical technology company's stock after buying an additional 4,051 shares during the period. HB Wealth Management LLC's holdings in Medtronic were worth $6,375,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Fortitude Family Office LLC purchased a new position in shares of Medtronic in the 3rd quarter worth $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic during the 3rd quarter valued at about $27,000. Darwin Wealth Management LLC purchased a new stake in shares of Medtronic during the 3rd quarter valued at about $27,000. J. Stern & Co. LLP bought a new position in shares of Medtronic in the 3rd quarter worth approximately $30,000. Finally, Kieckhefer Group LLC purchased a new position in shares of Medtronic in the fourth quarter worth approximately $40,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

Medtronic stock traded up $1.07 during midday trading on Friday, reaching $88.23. 9,577,939 shares of the stock traded hands, compared to its average volume of 5,401,241. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The stock's fifty day moving average is $83.64 and its 200-day moving average is $85.16. The stock 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 posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $8.27 billion. During the same period last year, the firm posted $1.25 earnings per share. Medtronic's revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given 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 was Friday, December 27th. Medtronic's dividend payout ratio is currently 85.63%.

Wall Street Analyst Weigh In

Several research firms have weighed in on MDT. Evercore ISI increased their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 1st. Citigroup lifted their target price on Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. reduced their price target on Medtronic from $99.00 to $96.00 and set a "neutral" rating for the company in a research report on Friday, November 15th. Truist Financial decreased 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. Finally, Wells Fargo & Company reduced their target price on shares of Medtronic from $106.00 to $98.00 and set an "overweight" rating for the company in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $95.00.

Insider Buying and Selling

In other news, EVP Brett A. Wall sold 9,850 shares of the 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 sale, the executive vice president now owns 40,708 shares of the company's stock, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.20% of the stock is owned by corporate insiders.

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.