Monarch Capital Management Inc. Sells 845 Shares of Medtronic plc (NYSE:MDT)

Monarch Capital Management Inc. reduced its holdings in shares of Medtronic plc (NYSE:MDT) by 1.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 63,063 shares of the medical technology company’s stock after selling 845 shares during the quarter. Medtronic comprises about 1.4% of Monarch Capital Management Inc.’s portfolio, making the stock its 27th largest holding. Monarch Capital Management Inc.’s holdings in Medtronic were worth $5,070,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of MDT. Edgestream Partners L.P. bought a new position in shares of Medtronic in the second quarter worth about $239,000. Ieq Capital LLC boosted its position in Medtronic by 18.8% in the 2nd quarter. Ieq Capital LLC now owns 64,510 shares of the medical technology company’s stock valued at $5,078,000 after buying an additional 10,187 shares during the period. Canada Pension Plan Investment Board grew its stake in Medtronic by 1.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,524,196 shares of the medical technology company’s stock worth $119,969,000 after acquiring an additional 15,085 shares in the last quarter. Bridges Investment Management Inc. bought a new position in Medtronic in the 2nd quarter worth about $2,904,000. Finally, AE Wealth Management LLC increased its position in shares of Medtronic by 24.7% during the second quarter. AE Wealth Management LLC now owns 9,578 shares of the medical technology company’s stock worth $754,000 after acquiring an additional 1,896 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the firm’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 value of $792,038.50. Following the sale, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on MDT shares. Evercore ISI upped their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Barclays boosted their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. lowered their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report 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 note on Wednesday, December 18th. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Performance

Shares of MDT stock opened at $88.23 on Friday. The stock has a market cap of $113.13 billion, a PE ratio of 26.98, a price-to-earnings-growth ratio of 2.28 and a beta of 0.83. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The business has a 50-day simple moving average of $83.64 and a 200-day simple moving average of $85.10. 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 (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The company 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%. Medtronic’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.25 earnings per share. On average, equities analysts expect that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.17%. Medtronic’s payout ratio is 85.63%.

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.