Independent Advisor Alliance Purchases 11,075 Shares of Medtronic plc (NYSE:MDT)

Independent Advisor Alliance raised its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 25.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,907 shares of the medical technology company's stock after acquiring an additional 11,075 shares during the period. Independent Advisor Alliance's holdings in Medtronic were worth $4,386,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. CWA Asset Management Group LLC bought a new stake in shares of Medtronic in the third quarter valued at approximately $418,000. Baker Avenue Asset Management LP raised its stake in Medtronic by 12.4% during the 3rd quarter. Baker Avenue Asset Management LP now owns 4,084 shares of the medical technology company's stock valued at $368,000 after purchasing an additional 450 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in Medtronic in the 3rd quarter valued at $123,000. Patten & Patten Inc. TN grew its position in Medtronic by 24.0% in the 3rd quarter. Patten & Patten Inc. TN now owns 8,939 shares of the medical technology company's stock worth $805,000 after purchasing an additional 1,731 shares during the last quarter. Finally, GDS Wealth Management bought a new position in shares of Medtronic during the 3rd quarter worth about $272,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 40,979 shares of the company's stock, valued at $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.20% of the company's stock.

Medtronic Stock Performance

NYSE:MDT opened at $93.44 on Wednesday. The stock has a market capitalization of $119.85 billion, a P/E ratio of 28.40, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The firm has a 50 day moving average of $88.89 and a 200-day moving average of $87.88.

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Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. The firm had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. As a group, sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date is Friday, March 28th. Medtronic's dividend payout ratio is currently 85.11%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MDT. Truist Financial reduced their target price on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research note on Wednesday, December 18th. Robert W. Baird lifted their price objective on Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and raised their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Wells Fargo & Company lowered their price target on shares of Medtronic from $106.00 to $98.00 and set an "overweight" rating on the stock in a report on Wednesday, November 20th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $105.00 price objective on shares of Medtronic in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $96.07.

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.

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