Redmond Asset Management LLC Decreases Position in Medtronic plc (NYSE:MDT)

Redmond Asset Management LLC decreased its holdings in Medtronic plc (NYSE:MDT) by 3.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,532 shares of the medical technology company’s stock after selling 259 shares during the quarter. Redmond Asset Management LLC’s holdings in Medtronic were worth $538,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Equity Investment Corp boosted its stake in Medtronic by 27.9% in the 4th quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock worth $110,478,000 after buying an additional 292,459 shares during the last quarter. Loudon Investment Management LLC raised its holdings in Medtronic by 9.5% during the fourth quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock worth $786,000 after purchasing an additional 874 shares in the last quarter. BKM Wealth Management LLC acquired a new position in Medtronic in the fourth quarter worth approximately $941,000. International Assets Investment Management LLC boosted its holdings in shares of Medtronic by 8,340.3% in the fourth quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock worth $85,558,000 after buying an additional 1,026,274 shares during the period. Finally, Tower Research Capital LLC TRC lifted its stake in Medtronic by 69.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock worth $3,172,000 after acquiring an additional 16,574 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

Medtronic Trading Up 1.0 %

Shares of NYSE:MDT traded up $0.77 during trading on Friday, reaching $81.37. The company’s stock had a trading volume of 11,406,030 shares, compared to its average volume of 5,919,781. The stock has a market capitalization of $108.04 billion, a PE ratio of 29.59, a price-to-earnings-growth ratio of 2.37 and a beta of 0.78. The firm’s 50 day simple moving average is $82.60 and its two-hundred day simple moving average is $83.10. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same period last year, the company posted $1.57 earnings per share. The company’s quarterly revenue was up .5% compared to the same quarter last year. On average, research analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.44%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio (DPR) is presently 100.36%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Friday, May 24th. Truist Financial lowered their target price on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday, May 24th. The Goldman Sachs Group assumed coverage on shares of Medtronic in a research report on Thursday. They set a “sell” rating and a $83.00 price target for the company. Finally, Oppenheimer upped their price objective on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Medtronic presently has an average rating of “Hold” and an average price target of $93.00.

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.