Phoenix Wealth Advisors Sells 1,274 Shares of Medtronic plc (NYSE:MDT)

Phoenix Wealth Advisors cut its position in Medtronic plc (NYSE:MDT) by 4.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,603 shares of the medical technology company’s stock after selling 1,274 shares during the quarter. Phoenix Wealth Advisors’ holdings in Medtronic were worth $2,285,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Fortitude Family Office LLC bought a new position in Medtronic in the 3rd quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic in the 3rd quarter valued at approximately $27,000. Darwin Wealth Management LLC bought a new position in shares of Medtronic during the third quarter valued at $27,000. J. Stern & Co. LLP bought a new position in shares of Medtronic during the third quarter valued at $30,000. Finally, Kieckhefer Group LLC bought a new position in shares of Medtronic during the fourth quarter valued at $40,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Barclays raised their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Evercore ISI raised their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Truist Financial dropped their price target 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Finally, Robert W. Baird lowered their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Up 0.3 %

Medtronic stock opened at $88.35 on Wednesday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The stock has a market cap of $113.29 billion, a PE ratio of 27.02, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83. The firm’s 50-day simple moving average is $83.64 and its 200 day simple moving average is $85.37. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

Medtronic (NYSE:MDT) last released its quarterly earnings results 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 net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same period in the previous year, the company earned $1.25 earnings per share. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. Research analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

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

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares in the company, valued at $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Medtronic Company 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.