Armstrong Henry H Associates Inc. Sells 15,585 Shares of Medtronic plc (NYSE:MDT)

Armstrong Henry H Associates Inc. lowered its holdings in Medtronic plc (NYSE:MDT) by 11.3% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 122,744 shares of the medical technology company’s stock after selling 15,585 shares during the period. Medtronic makes up 1.0% of Armstrong Henry H Associates Inc.’s holdings, making the stock its 10th biggest holding. Armstrong Henry H Associates Inc.’s holdings in Medtronic were worth $9,805,000 as of its most recent SEC filing.

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

Medtronic Stock Up 1.3 %

Shares of NYSE MDT opened at $81.68 on Tuesday. The business has a 50-day moving average price of $83.83 and a 200 day moving average price of $84.96. The stock has a market cap of $104.74 billion, a PE ratio of 24.98, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. 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 plc has a 52-week low of $75.96 and a 52-week high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.25 earnings per share. Equities research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a $0.70 dividend. 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 3.43%. Medtronic’s dividend payout ratio is presently 85.63%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Truist Financial cut their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Barclays increased their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Evercore ISI lifted their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Sanford C. Bernstein increased their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Finally, Wells Fargo & Company decreased their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $95.00.

Insider Activity

In other news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the sale, the executive vice president now owns 40,708 shares in the company, valued at $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.20% of the company’s stock.

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.