Welch & Forbes LLC Has $4.16 Million Position in Medtronic plc (NYSE:MDT)

Welch & Forbes LLC decreased its position in Medtronic plc (NYSE:MDT - Free Report) by 9.2% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 52,126 shares of the medical technology company's stock after selling 5,280 shares during the period. Welch & Forbes LLC's holdings in Medtronic were worth $4,164,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. Western Pacific Wealth Management LP acquired a new position in Medtronic during the third quarter valued at approximately $94,000. Portside Wealth Group LLC raised its stake in shares of Medtronic by 9.3% during the 3rd quarter. Portside Wealth Group LLC now owns 58,705 shares of the medical technology company's stock worth $5,285,000 after purchasing an additional 5,014 shares in the last quarter. Beacon Harbor Wealth Advisors Inc. boosted its holdings in shares of Medtronic by 2.2% in the 3rd quarter. Beacon Harbor Wealth Advisors Inc. now owns 73,047 shares of the medical technology company's stock valued at $6,576,000 after buying an additional 1,587 shares during the last quarter. Confluence Investment Management LLC grew its stake in shares of Medtronic by 0.9% in the third quarter. Confluence Investment Management LLC now owns 216,499 shares of the medical technology company's stock valued at $19,491,000 after buying an additional 1,853 shares in the last quarter. Finally, Trinity Legacy Partners LLC increased its holdings in Medtronic by 8.1% during the third quarter. Trinity Legacy Partners LLC now owns 55,892 shares of the medical technology company's stock worth $5,031,000 after buying an additional 4,181 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Remove Ads

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction dated Friday, January 24th. The stock was 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 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.20% of the stock is currently owned by insiders.

Medtronic Stock Performance

Shares of MDT stock traded down $0.36 on Tuesday, hitting $93.44. The company's stock had a trading volume of 7,300,420 shares, compared to its average volume of 6,054,886. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a market capitalization of $119.85 billion, a PE ratio of 28.40, a PEG ratio of 2.22 and a beta of 0.80. The stock's 50 day moving average is $88.62 and its 200-day moving average is $87.84. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

Medtronic (NYSE:MDT - Get Free Report) last announced its 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. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Equities research analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

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 paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic's dividend payout ratio (DPR) is presently 85.11%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Robert W. Baird increased their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Barclays raised their target price on shares of Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a research note on Tuesday, November 26th. UBS Group boosted their price target on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Wells Fargo & Company dropped their price objective on Medtronic from $106.00 to $98.00 and set an "overweight" rating on the stock in a research note on Wednesday, November 20th. Finally, 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. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $96.07.

About Medtronic

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.