Pines Wealth Management LLC Takes $310,000 Position in Medtronic plc (NYSE:MDT)

Pines Wealth Management LLC purchased a new position in shares of Medtronic plc (NYSE:MDT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 3,848 shares of the medical technology company's stock, valued at approximately $310,000.

Other hedge funds also recently made changes to their positions in the company. Fortitude Family Office LLC bought a new position in Medtronic in the third quarter valued at $27,000. Darwin Wealth Management LLC acquired a new position in shares of Medtronic during the 3rd quarter worth about $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Medtronic in the third quarter valued at about $27,000. J. Stern & Co. LLP bought a new stake in Medtronic during the third quarter worth about $30,000. Finally, Chelsea Counsel Co. acquired a new position in Medtronic during the third quarter valued at approximately $45,000. 82.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Truist Financial lowered their price target on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research report on Wednesday, December 18th. Royal Bank of Canada upgraded shares of Medtronic from a "sector perform" rating to an "outperform" rating and increased their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Sanford C. Bernstein boosted their price objective 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. Wells Fargo & Company cut their target price on shares of Medtronic from $106.00 to $98.00 and set an "overweight" rating for the company in a research note on Wednesday, November 20th. Finally, Evercore ISI boosted their price target on Medtronic from $100.00 to $104.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, nine have issued 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 has an average rating of "Hold" and a consensus target price of $95.00.

Medtronic Stock Performance

Shares of Medtronic stock traded up $1.79 during trading on Thursday, reaching $87.19. The company's stock had a trading volume of 5,614,231 shares, compared to its average volume of 8,181,098. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The firm has a market cap of $111.80 billion, a PE ratio of 26.66, a P/E/G ratio of 2.28 and a beta of 0.83. The business's 50-day moving average price is $83.74 and its 200-day moving average price is $85.01. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion for 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 business's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the firm earned $1.25 earnings per share. Equities analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.21%. The ex-dividend date was Friday, December 27th. Medtronic's payout ratio is currently 85.63%.

Insider Activity at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the firm's stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the sale, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is owned by corporate insiders.

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.