Inlet Private Wealth LLC Reduces Holdings in Medtronic plc (NYSE:MDT)

Inlet Private Wealth LLC reduced its position in Medtronic plc (NYSE:MDT - Free Report) by 41.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,101 shares of the medical technology company's stock after selling 11,393 shares during the quarter. Inlet Private Wealth LLC's holdings in Medtronic were worth $1,286,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of MDT. State Street Corp increased its position 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 valued at $5,509,155,000 after buying an additional 520,027 shares in the last quarter. Pzena Investment Management LLC raised its stake 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 worth $772,727,000 after purchasing an additional 275,870 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Medtronic by 436.7% in the 3rd 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 valued at $661,125,000 after buying an additional 5,975,110 shares during the last quarter. Raymond James & Associates lifted its position in shares of Medtronic by 2.3% during the third quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company's stock valued at $575,460,000 after purchasing an additional 145,504 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its stake in shares of Medtronic by 11.5% in the 3rd quarter. Fisher Asset Management LLC now owns 5,893,720 shares of the medical technology company's stock worth $530,612,000 after buying an additional 609,391 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MDT has been the subject of several research analyst reports. Sanford C. Bernstein raised their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 20th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a report on Monday, November 18th. Royal Bank of Canada raised Medtronic from a "sector perform" rating to an "outperform" rating and raised their price target for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. JPMorgan Chase & Co. decreased their price objective on Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a research note on Friday, November 15th. Finally, Truist Financial cut their target price 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 research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $95.00.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares of the company's stock, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is currently owned by corporate insiders.

Medtronic Price Performance

MDT traded up $0.46 during midday trading on Tuesday, hitting $90.99. The stock had a trading volume of 5,193,094 shares, compared to its average volume of 7,546,100. The company has a market cap of $116.67 billion, a P/E ratio of 27.82, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $93.08. The business has a fifty day moving average of $84.47 and a 200 day moving average of $86.16. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

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

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.08%. Medtronic's dividend payout ratio is currently 85.63%.

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.