Westend Capital Management LLC Sells 58,405 Shares of Medtronic plc (NYSE:MDT)

Westend Capital Management LLC decreased its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 99.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 512 shares of the medical technology company's stock after selling 58,405 shares during the quarter. Westend Capital Management LLC's holdings in Medtronic were worth $41,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fortitude Family Office LLC bought a new stake in Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new position in Medtronic during the third quarter worth $27,000. Darwin Wealth Management LLC acquired a new position in Medtronic in the third quarter valued at $27,000. J. Stern & Co. LLP bought a new stake in Medtronic during the third quarter valued at $30,000. Finally, Kieckhefer Group LLC acquired a new stake in Medtronic during the 4th quarter worth about $40,000. Institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of NYSE MDT traded up $1.07 during midday trading on Friday, reaching $88.23. The company's stock had a trading volume of 9,577,939 shares, compared to its average volume of 5,401,241. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The stock has a market capitalization of $113.13 billion, a P/E ratio of 26.98, a PEG ratio of 2.28 and a beta of 0.83. The firm has a 50 day moving average price of $83.64 and a 200-day moving average price of $85.10. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion for the quarter, compared to analysts' expectations of $8.27 billion. During the same quarter in the previous year, the firm earned $1.25 earnings per share. The business's revenue was up 5.2% on a year-over-year basis. As a group, equities analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.17%. Medtronic's dividend payout ratio (DPR) is presently 85.63%.

Analyst Ratings Changes

MDT has been the topic of a number of recent analyst reports. Citigroup boosted their price objective on Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a research note on Tuesday, October 1st. Robert W. Baird reduced their target price on Medtronic from $96.00 to $93.00 and set a "neutral" rating for the company in a research note on Wednesday, November 20th. Royal Bank of Canada raised Medtronic from a "sector perform" rating to an "outperform" rating and upped their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Wells Fargo & Company decreased their price objective on Medtronic from $106.00 to $98.00 and set an "overweight" rating for the company in a report on Wednesday, November 20th. Finally, Truist Financial reduced their price target 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. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $95.00.

Insiders Place Their Bets

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 stock was 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 of the company's stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.20% of the company's stock.

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.