Trinity Legacy Partners LLC Cuts Position in Medtronic plc (NYSE:MDT)

Trinity Legacy Partners LLC decreased its holdings in Medtronic plc (NYSE:MDT - Free Report) by 23.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 42,738 shares of the medical technology company's stock after selling 13,154 shares during the quarter. Trinity Legacy Partners LLC's holdings in Medtronic were worth $3,414,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Copley Financial Group Inc. purchased a new position in Medtronic in the third quarter worth approximately $694,000. Olstein Capital Management L.P. lifted its stake in Medtronic by 19.2% in the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company's stock worth $7,833,000 after acquiring an additional 14,000 shares during the last quarter. Franklin Street Advisors Inc. NC lifted its stake in Medtronic by 32.6% in the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company's stock worth $5,873,000 after acquiring an additional 18,057 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its stake in Medtronic by 322.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company's stock worth $6,626,000 after acquiring an additional 56,178 shares during the last quarter. Finally, Czech National Bank lifted its stake in Medtronic by 6.4% in the fourth quarter. Czech National Bank now owns 278,065 shares of the medical technology company's stock worth $22,212,000 after acquiring an additional 16,786 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analysts Set New Price Targets

MDT has been the subject of a number of recent research reports. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Wednesday. Wells Fargo & Company decreased their price target 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. JPMorgan Chase & Co. decreased their price target on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating for the company in a research note on Friday, November 15th. Truist Financial reduced their price objective on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $105.00 price objective on shares of Medtronic in a research report on Wednesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $95.20.

Medtronic Stock Performance

NYSE:MDT traded up $2.01 during trading hours on Friday, reaching $89.95. 11,762,886 shares of the company's stock were exchanged, compared to its average volume of 7,605,718. The firm has a market capitalization of $115.34 billion, a price-to-earnings ratio of 27.34, a P/E/G ratio of 2.46 and a beta of 0.84. The company has a 50-day moving average of $85.93 and a 200 day moving average of $87.03. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08.

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 for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. The firm had revenue of $8.29 billion during the quarter, compared to analysts' expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Research analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic's dividend payout ratio is currently 85.11%.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the company's stock in a transaction 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 completion of the transaction, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by company 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.