Medtronic plc (NYSE:MDT) Shares Sold by Philadelphia Trust Co.

Philadelphia Trust Co. cut its stake in Medtronic plc (NYSE:MDT - Free Report) by 25.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 187,009 shares of the medical technology company's stock after selling 63,336 shares during the period. Medtronic accounts for about 1.1% of Philadelphia Trust Co.'s portfolio, making the stock its 24th largest position. Philadelphia Trust Co.'s holdings in Medtronic were worth $14,938,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Mainstream Capital Management LLC purchased a new position in Medtronic in the 4th quarter worth approximately $26,000. Rakuten Securities Inc. raised its stake in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after acquiring an additional 294 shares in the last quarter. Stephens Consulting LLC grew its stake 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. Fiduciary Advisors Inc. purchased a new stake in shares of Medtronic during the 4th quarter worth $36,000. Finally, Chelsea Counsel Co. acquired a new position in shares of Medtronic during the 3rd quarter worth $45,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the firm's 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 owns 40,979 shares in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.20% of the company's stock.

Remove Ads

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on MDT shares. Royal Bank of Canada restated an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird raised their target price on Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and upped their price target 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. Finally, UBS Group increased 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. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $96.14.

Medtronic Trading Down 2.3 %

Shares of MDT traded down $1.96 during mid-day trading on Tuesday, reaching $82.26. 5,524,790 shares of the company were exchanged, compared to its average volume of 6,674,835. The stock has a market capitalization of $105.51 billion, a PE ratio of 25.00, a PEG ratio of 2.22 and a beta of 0.79. 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 business has a 50 day simple moving average of $89.56 and a two-hundred day simple moving average of $87.60. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 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 analyst estimates of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. On average, analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic's payout ratio is 85.11%.

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.