Riverbend Wealth Management LLC Invests $237,000 in Medtronic plc (NYSE:MDT)

Riverbend Wealth Management LLC purchased a new stake in Medtronic plc (NYSE:MDT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,955 shares of the medical technology company's stock, valued at approximately $237,000.

Other large investors also recently modified their holdings of the company. Morton Community Bank boosted its stake in Medtronic by 2.1% during the fourth quarter. Morton Community Bank now owns 35,734 shares of the medical technology company's stock worth $2,854,000 after acquiring an additional 733 shares in the last quarter. Independent Advisor Alliance boosted its stake in Medtronic by 25.3% during the 4th quarter. Independent Advisor Alliance now owns 54,907 shares of the medical technology company's stock valued at $4,386,000 after purchasing an additional 11,075 shares during the last quarter. Paragon Private Wealth Management LLC boosted its position in shares of Medtronic by 5.8% during the fourth quarter. Paragon Private Wealth Management LLC now owns 9,967 shares of the medical technology company's stock valued at $796,000 after buying an additional 544 shares during the last quarter. Meriwether Wealth & Planning LLC bought a new stake in Medtronic during the fourth quarter worth $717,000. Finally, Daiwa Securities Group Inc. boosted its holdings in Medtronic by 10.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 177,192 shares of the medical technology company's stock worth $14,154,000 after acquiring an additional 16,482 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other 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 transaction of $792,038.50. Following the sale, the executive vice president now directly owns 40,708 shares in the company, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.20% of the company's stock.

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Medtronic Price Performance

NYSE MDT traded down $1.49 during trading hours on Wednesday, reaching $91.79. 3,686,721 shares of the stock traded hands, compared to its average volume of 6,045,253. The stock has a 50 day simple moving average of $88.89 and a two-hundred day simple moving average of $87.88. The company has a market cap of $117.72 billion, a price-to-earnings ratio of 27.85, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.03. The company had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. On average, analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic's payout ratio is 85.11%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Wells Fargo & Company cut their price target on shares of Medtronic from $106.00 to $98.00 and set an "overweight" rating on the stock in a report on Wednesday, November 20th. Royal Bank of Canada restated an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Truist Financial cut their target price on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday, December 18th. UBS Group boosted their target price on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. dropped 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. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price 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.