Larson Financial Group LLC lifted its stake in Medtronic plc (NYSE:MDT - Free Report) by 20.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,635 shares of the medical technology company's stock after purchasing an additional 4,960 shares during the period. Larson Financial Group LLC's holdings in Medtronic were worth $2,367,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Darwin Wealth Management LLC acquired a new position in shares of Medtronic during the third quarter worth about $27,000. Mainstream Capital Management LLC purchased a new position in Medtronic in the fourth quarter worth approximately $26,000. J. Stern & Co. LLP acquired a new position in Medtronic during the 3rd quarter worth approximately $30,000. Stephens Consulting LLC increased its position in shares of Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 204 shares during the last quarter. Finally, Fiduciary Advisors Inc. acquired a new stake in shares of Medtronic in the 4th quarter valued at $36,000. 82.06% of the stock is owned by institutional investors and hedge funds.
Medtronic Stock Performance
Medtronic stock traded down $0.36 during midday trading on Tuesday, hitting $93.44. 7,300,420 shares of the company's stock were exchanged, compared to its average volume of 6,054,050. 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 $119.85 billion, a price-to-earnings ratio of 28.40, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The firm's 50 day simple moving average is $88.89 and its 200 day simple moving average is $87.88.
Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results 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. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion for the quarter, compared to analysts' expectations of $8.33 billion. Equities research analysts predict that Medtronic plc will post 5.46 EPS for the current year.
Medtronic Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Friday, March 28th. Medtronic's dividend payout ratio is presently 85.11%.
Wall Street Analyst Weigh In
MDT has been the subject of a number of analyst reports. Royal Bank of Canada reiterated an "outperform" rating and set a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and increased their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Wednesday, February 19th. Barclays upped their price target on Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a report on Tuesday, November 26th. Finally, Truist Financial cut their price objective on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $96.07.
Get Our Latest Research Report on Medtronic
Insider Activity at Medtronic
In related news, EVP Brett A. Wall sold 12,437 shares of the firm's stock in a transaction dated 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 completion of the sale, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.20% of the stock is currently owned by insiders.
About Medtronic
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Free Report)
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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