Profit Investment Management LLC Has $230,000 Position in Medtronic plc (NYSE:MDT)

Profit Investment Management LLC cut its holdings in shares of Medtronic plc (NYSE:MDT) by 9.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,885 shares of the medical technology company’s stock after selling 292 shares during the quarter. Profit Investment Management LLC’s holdings in Medtronic were worth $230,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Copley Financial Group Inc. bought a new stake in shares of Medtronic in the third quarter valued at about $694,000. Olstein Capital Management L.P. lifted its position in shares of Medtronic by 19.2% in the 3rd 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 period. Franklin Street Advisors Inc. NC grew its holdings in shares of Medtronic by 32.6% during the 4th quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock worth $5,873,000 after purchasing an additional 18,057 shares in the last quarter. Y Intercept Hong Kong Ltd raised its stake in shares of 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 valued at $6,626,000 after purchasing an additional 56,178 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. acquired a new stake in Medtronic during the third quarter worth $9,486,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

Medtronic stock opened at $87.19 on Friday. The company has a market cap of $111.80 billion, a PE ratio of 26.66, a PEG ratio of 2.28 and a beta of 0.83. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The company’s 50-day moving average is $83.65 and its two-hundred day moving average is $85.01.

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

Medtronic Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.21%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. 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 report on Wednesday, December 18th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Evercore ISI increased their target price 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. Finally, JPMorgan Chase & Co. reduced their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus target price of $95.00.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction that occurred 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 transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is currently owned by corporate insiders.

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.