Smith Chas P & Associates PA Cpas Trims Stock Holdings in Medtronic plc (NYSE:MDT)

Smith Chas P & Associates PA Cpas reduced its stake in Medtronic plc (NYSE:MDT) by 13.1% during the fourth quarter, HoldingsChannel reports. The fund owned 8,635 shares of the medical technology company’s stock after selling 1,301 shares during the period. Smith Chas P & Associates PA Cpas’ holdings in Medtronic were worth $690,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Affiance Financial LLC boosted its holdings in shares of Medtronic by 22.1% in the fourth quarter. Affiance Financial LLC now owns 3,873 shares of the medical technology company’s stock worth $309,000 after buying an additional 700 shares during the last quarter. Olstein Capital Management L.P. boosted its stake in Medtronic by 8.0% in the 4th quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company’s stock worth $7,509,000 after purchasing an additional 7,000 shares during the period. Flagship Harbor Advisors LLC increased its holdings in Medtronic by 33.2% in the 4th quarter. Flagship Harbor Advisors LLC now owns 10,594 shares of the medical technology company’s stock valued at $846,000 after acquiring an additional 2,638 shares during the last quarter. Insight Inv LLC lifted its position in shares of Medtronic by 4.9% in the fourth quarter. Insight Inv LLC now owns 14,906 shares of the medical technology company’s stock worth $1,191,000 after buying an additional 698 shares in the last quarter. Finally, Advocate Group LLC increased its position in Medtronic by 4.8% in the fourth quarter. Advocate Group LLC now owns 106,776 shares of the medical technology company’s stock worth $8,529,000 after purchasing an additional 4,897 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Barclays raised 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. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. JPMorgan Chase & Co. cut their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, nine have issued 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 currently has an average rating of “Hold” and an average target price of $95.00.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, the executive vice president now owns 40,708 shares in the company, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is currently owned by company insiders.

Medtronic Trading Up 0.9 %

Shares of MDT stock opened at $90.07 on Friday. The firm has a market capitalization of $115.49 billion, a PE ratio of 27.54, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The stock has a fifty day moving average of $83.75 and a two-hundred day moving average of $85.50. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68.

Medtronic (NYSE:MDT) last issued its 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 firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same period last year, the firm posted $1.25 earnings per share. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, research analysts expect that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given 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 yield of 3.11%. Medtronic’s payout ratio is 85.63%.

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.